Construction Industry Scheme (CIS)
Ensuring full compliance for the construction industry
What is CIS?
CIS stands for Construction Industry Scheme and is a UK government scheme designed to regulate payments between contractors and subcontractors. If your business operates within the construction industry, it’s important that you are up to speed with the Construction Industry Scheme.
It lays out rules for subcontractors and stipulates how payments need to be handled by contractors. Confused? Allow our CIS accountants in Nottingham to relieve the burden with our knowledge and services specifically tailored to the construction industry.
This Scheme places the obligation on contractors, meaning those that engage the labour for construction work. Failure to operate within the rules of the scheme can result in significant financial penalties, so it’s certainly in your best interest to remain compliant. And that’s where we step in.
If you are operating as a contractor, we will help to ensure that you never incur penalties as a result of failing to submit your monthly returns to HMRC. Our highly trained CIS accountants will assist you in registering with HMRC, ensure you pay your subcontractors in accordance with the scheme and help to keep your records in excellent working order.
The full-spectrum nature of our services means that we are also able to assist subcontractors by helping you to determine your working status and then registering you with HMRC accordingly. Our reliable service will also enable you to ensure your business records are managed well. We can even help you CIS payroll and preparing your end of year self-assessment tax return.
Benefits of the Construction Industry Scheme
- Reducing tax evasion
- Improving cash flow
- Allowing access to employment benefits
- Ensuring compliance with legal requirements
- Improving reputation
Another advantage of CIS is that any pay deductions made by freelancers go toward tax and national insurance, which benefits those are self-employed within the construction sector.
There are also payment advantages too, by signing up to the CIS your contractor can only keep 20% of any deductions, whereas those who are not within the CIS, it is 30%.
If you’re a contractor or subcontractor, sole trader or business working within the construction industry, then you’re eligible to CIS. By applying to the Construction Industry Scheme, regular income is guaranteed, and you will be comfortable knowing you’ll be paid, especially as a self-employed construction worker.
Why choose Rogers Spencer?
Here at Rogers Spencer, we have always employed problem solvers, and we know that often issues occur when individuals are left in the dark about their financial requirements. That’s why we don’t want to simply do the work for you, we want to educate you about the process as well, ensuring that you are on board every step of the way.
Contact our team
If you would like more information regarding our Construction Industry Scheme, contact our friendly team today. At Rogers Spencer we specialise in a range of accountancy services in Nottingham and we’re happy to answer any queries you have.
Speak to An Expert
“Rogers Spencer has been supporting us for over 20 years in all aspects of our businesses, from accounting and payroll to business advice and planning. We cannot recommend their services enough and have always felt in very safe hands with their highly skilled and experienced team.”