CIS Accountants

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    Accountants specialising in the Construction Industry Scheme

    Are you a busy contractor tired of dealing with confusing CIS regulations? Let Guildford Accounting take the lead. We’re helping contractors understand their legal obligations when hiring subcontractors for building work, landscaping or any other type of construction work.

    With us by your side, handling the time-consuming admin and puzzling CIS tax calculations, you can go back to focusing on your business with a clear mind and a weight taken off your shoulders.

    Welcome to Guildford Accounting, accountants specialising in the Construction Industry Scheme (CIS)

    At Guildford Accounting, we have many years of experience helping local businesses operating within the Construction Industry Scheme (CIS). We understand the challenges faced by busy business owners and are committed to providing a friendly, reliable service that alleviates the stress of CIS accounting.

    Whether you’re looking for personalised advice or need professional guidance handling your CIS tax affairs, we’ll be able to provide our full attention and tailored solutions, ensuring your business is in the best position.

    Let’s arrange a friendly meeting to discuss your CIS requirements.

    What is CIS?

    The Construction Industry Scheme (CIS) is a tax deduction scheme set up by HMRC to improve the way tax is collected within the construction industry. With many contractors and subcontractors working together to complete large construction projects, it can sometimes be confusing as to who needs to pay tax and when.

    With traditional payroll accounting, it is up to the business owners and directors to deduct the exact amount of tax from their employees’ wages in order to pay tax and NIC. This is also known as Pay As You Earn (PAYE). However, when it comes to hiring subcontractors, many businesses will need to operate under the Construction Industry Scheme.

    Under the CIS, contractors deduct a fixed amount from the subcontractor’s payments (depending on their CIS status) and use it to pay their Income Tax and National Insurance contributions directly. Subcontractors are then expected to complete a monthly CIS Self-Assessment tax return to report their income to HMRC and ensure their taxes have been paid correctly. In some instances, subcontractors will be entitled to a tax refund if they have overpaid on tax.

    What businesses are under CIS?

    The CIS scheme applies to contractors who pay subcontractors to carry out certain types of construction work. It also applies to businesses that spend over £3 million on construction work within 12 months of the first payment.

    Types of businesses that may operate under CIS include:

    • Builders
    • Landscapers
    • Electricians
    • Plumbers
    • Scaffolders
    • Demolition companies

    How does CIS affect accounting?

    CIS accounting simply means that contractors and subcontractors who operate within the scheme will have different tax obligations, making some traditional accounting methods a little more complex and time-consuming.

    Contractors deduct money from a subcontractor’s payments to ensure their tax obligations are covered, which can add pressure on the already busy contractors when it comes to handling CIS accounting.

    There’s much to consider, such as verifying subcontractors to ensure you pay them correctly, ensuring deductions are calculated and reported correctly, filing monthly returns, and maintaining detailed records.

    With the guidance of specialist CIS accountants, you can ensure your CIS accounting duties are met.

    Our CIS accounting service

    Make sure your business stays compliant with complex CIS regulations. At Guildford Accounting, our stress-free CIS accountancy services will keep your business on the right track with HMRC while making the most of tax benefits and maximising efficiency.

    Our CIS accountants can help you:

    • Register for the right business taxes, including Corporation Tax, VAT, PAYE and Construction Industry Scheme (CIS)
    • Manage CIS reporting and file monthly and quarterly CIS tax returns
    • Prepare deduction statements for subcontractors
    • Minimise tax liability
    • Handle any HMRC inquiries
    • Keep you informed on any changes to CIS

    If you’re a CIS subcontractor, we can support you, too. Whether you’re looking for guidance during registration or support obtaining CIS tax refunds, our experience and rapport with HMRC will enable us to swiftly resolve your problems. We can also handle the preparation of CIS Self-Assessment tax returns.

    Why choose Guildford Accounting as your CIS accountant?

    At Guildford Accounting, we offer personalised CIS accounting services that work for you. By handling the various CIS tasks, we’ll help you stay on top of your tax affairs and keep your construction business compliant with ongoing CIS rules. With us, you can rest assured knowing your CIS accounting needs are in the hands of professionals who care.

    Contact us today to discover stress-free accounting. Our friendly office is based in Guildford, Surrey, but we’re flexible to suit the demands of your business. So, if you’re nearby, pop in for a friendly meeting.

    Alternatively, we can arrange an online or telephone appointment to discuss your CIS accounting needs.

    Frequently asked questions about CIS accounting

    Please take a look at the FAQs below to learn more about how our CIS accountants can help you whatever stage you’re at. If you have a specific question or query, get in touch with our team. We’ll be more than happy to advise.

    How do you know if you are part of the tax deduction scheme?

    You don’t automatically enrol in the Construction Industry Scheme. Currently, if you think you are a CIS contractor or a subcontractor, you will need to call HMRC and register as one. A new digital form for subcontractor registration is going to be introduced by HMRC, meaning you’ll soon be expected to register online instead.

    Do you have to be CIS registered?

    If you are a contractor in the construction sector, you are required to sign up for CIS tax if you pay subcontractors. Subcontractors are also encouraged to sign up for CIS tax to lower the tax deduction from their pay.

    How much is CIS tax?

    Before hiring a subcontractor to carry out construction work, you’ll need to verify them with HMRC. This will allow you to determine whether they are registered for CIS and what CIS tax rates apply to them.

    Here’s a breakdown of how much CIS tax should be deducted:
    – Registered subcontractors = 20%
    – Unregistered subcontractors = 30%
    – Subcontractors with ‘gross payment’ status = 0%

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    At Guildford Accounting, we much prefer to talk to you about your accounting needs.

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    At Guildford Accounting, we much prefer to talk to you about your accounting needs.

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    Why Choose Us?

    Why Choose Guildford Accounting for your CIS Accountants Services

    Understanding

    We take time to understand you, your business and your financial goals before we start working with you.

    Genuine

    With us, you’ll know where you stand. We provide honest and transparent solutions tailored to your unique business needs.

    Go the extra mile

    Whether you’ve got an urgent question or simply need some advice, we’ll be there to guide you every step of the way.

    Our secret behind establishing solid and lasting relationships with our clients is the personal touch and genuine care we show. We always go the extra mile and aim to always be available to help.

    Take the next step towards business growth.

    If you’re looking for someone to take the financial load off your shoulders, then get in touch with Guildford Accounting. We’ll take care of the admin tasks while you focus on running your business.