Contractors and subcontractors working in the construction sector must operate within the Construction Industry Scheme (CIS). At Old Mill we can assist both contractors and subcontractors in complying with the CIS legalisation and advise on registration, calculation and reclaiming of deductions.
Specifically we can assist with registering contractors and subcontractors, including advising whether gross registration is available.
We can prepare and submit monthly contractor CIS returns from your records, calculate and advise you of the tax liability. This can also involve advising you whether a contract falls under the CIS scheme and which elements should have CIS tax deducted. We can also help you amend past CIS returns where required.
For limited company subcontractors, we can help you reclaim CIS tax you may have previously had deducted, including making the relevant employer payment summary (EPS) submissions and corresponding with HMRC. For unincorporated subcontractors, we can help calculate CIS deducted and include the relevant pages on your self-assessment tax return.
We can also help to answer any queries you might have about your specific situation, get in touch with us or make an appointment with one of our tax experts at one of our offices in Exeter, Wells, Melksham and Yeovil.