Construction Industry Scheme
If you subcontract construction work or you are a subcontractor yourself, then you could be required to comply with the Construction Industry Scheme. Set up to reduce the amount of tax payable for sole traders and other subcontractors, CIS gives you better control over your finances and more money to grow your business.
Are you liable for CIS?
Every mainstream construction project involving contractors and subcontractors is liable for CIS. Non-construction businesses like housing associations and local authorities who have spent more than £1 million or more on construction in the last three years must also comply. We have extensive experience helping businesses to identify whether or not they should register for CIS, so whichever construction work you’re engaged in, you know we have experience in your area.
Walking you through CIS registration
To apply for CIS, both contractor and all subcontracted parties must register before construction work starts. The registration and verification processes are complicated and vary for different kinds of businesses and subcontractors, which is where we come in. Our business specialists will walk you through CIS registration, making sure you provide all the necessary information for an accurate and legally-compliant introduction to the scheme.
Advantages & disadvantages of Construction Industry Scheme
By having a tax specialist to look at your CIS Registration, means the possibility of reduced tax and a legally compliant businesses.
The rate at which tax is reduced is dependant on the registration status of subcontractors. HMRC will heavily penalise those in the CIS scheme who fail to comply with legislation. By helping you to maintain up-to-date books and records and submit returns or make payments promptly, we will ensure you stay on the right side of HMRC while getting the most from the financial benefits offered by the CIS scheme.
For more information on Construction Industry Scheme, please contact one of our experts.
Mike O’Mahony, Director Andrew, Reid & Partners (ARP)
"As our business grew we needed a firm of accountants who both understood our business and also with whom we could work to contribute to strategic growth. From the initial proposal, documentation and presentation Clark Howes really stood out from the other prospective firms.
They immediately identified ways to save our business cash and also made relevant suggestions to help us tender in new areas. After appointing Clark Howes they immediately reviewed our business finances and company structure, the resulting restructuring saved us a considerable sum in tax over three years. They have had and continue to provide a direct and positive impact on the development of our business.
What really sets Clark Howes apart from the rest is their dedication and level of service as a trusted advisor and we look forward to working with them over many years to come."