Contractors CIS Return
As a CIS contractor you’ll have to make a Construction Industry Scheme return (CIS return) to HMRC every month, even if you’ve made no payments. The CIS return gives details of every payment you as a CIS contractor have made to CIS subcontractors during the last month.
You will have to enter details of the gross amount you have paid to each CIS subcontractor, that is, the amount before you have taken off any deductions that you are required to make. You will have to include details of any deductions you’ve made from each payment to CIS subcontractors. These details will have to be for all your CIS subcontractors whether they are paid gross or net of tax.
The return includes a declaration by you the CIS contractor that your CIS subcontractors are properly self-employed and were not taken on under terms that would make them employees. Therefore it is advisable that you use a Tax Accountant to ensure that you are following all the rules and protect you from a HMRC investigation.
How we can help
If you would like to discuss any of the above please contact KR Accountants so we can arrange a No obligation FREE initial meeting to carry out a business review were we will offer you a FIXED FEE accountancy service with no hourly charges or hidden costs