CONSTRUCTION INDUSTRY SCHEME

CIS Registrations

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Specialist Construction Tax Advisors

HELPING YOU WITH CIS COMPLIANCE

The Construction Industry Scheme, commonly referred to as CIS, is a scheme where self-employed subcontractors in the construction industry have payments taken from their fees by the contractor who then pays them to HMRC. Most contractors require subcontractors to be part of this scheme, particularly on large construction projects. As a subcontractor, you will already be registered as self-employed and will need to register with HMRC to obtain a certificate and registration card. While most construction activities are included in the scheme, there are some that are not, mostly because they fall under other business categories for taxation purposes. Speaking to one of our competent accountants will bring savings outside of simply reducing the deductions that main contractors take off. You will also be able to get the advice required to claim expenses and other aspects of self-employed tax.

FAQ

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Normal accounting is focused on reporting profit or loss of the business and will be governed by GAAP. But Tax accounting is majorly focused on the impact of transactions on tax liability. 

Every business including sole traders, partnerships, limited companies and large business will plan for their taxes and make amendments to financial statements and include any past or future tax liabilities through tax accounting entries. 

Tax accounting enables and empowers business to comply with tax law and prepare for any future tax liability. Tax Accounting is part of accounting which will be governed by the laws of taxes in that jurisdiction.

Apart from tax compliance, tax accounting will help you generate cash flow in real terms. Any future tax liability will be added to cash flow of business in order to save money for future tax payments. 

HMRC have published guidance to record income and expenditure on cash basis or accrual basis. They will accept any tax planning which is part of final accounts and is not tax avoidance. 

No tax accountant is not more expensive then a normal accountant. We have specialist knowledge and experience to minimise your tax bills. 

There is not much difference in the costs. Most of tax accountants will charge for advice and tax planning. Whereas accounting will be the same for every business. The difference is to include tax planning in accounts. 

Your accountant may have included some normal tax provisions. If not you may be able to make adjustments in your current financial year. If you are loosing any tax reliefs, you may need to amend accounts and resubmit to HMRC and companies house

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