Subcontractors registered under CIS
If you are a subcontractor, it is likely that you will want to be registered under the Construction Industry Scheme too. Registering for the CIS means you avoid being taxed at a higher rate, by your contractors; contractors will deduct tax at 20%, as opposed to 30% if you are not registered.
It’s worth bearing in mind that registering for CIS is in addition to registering as self-employed for self-assessment.
We can assist you with registration and with fulfilling your annual self-assessment obligations. We can also prepare and submit your year-end accounts and we can ensure that you know how much you owe to HMRC and that you keep up with all the payment deadlines.
How can George Hay Chartered Accountants help?
Our property and construction team are experienced in working with construction businesses, property developers, house builders and building contractors.
With an unparalleled knowledge of the tax implications associated with the construction industry, we can offer you and your business the sound advice and support you need to make your venture a success.
We understand that the construction industry is one that faces many challenges, some of which are out of our control but a number of which we can help you to overcome. To discuss your circumstances in more detail with one of our professionals, contact us today.