The Autumn Statement was announced on Wednesday 22nd November 2023. The Chancellor, Jeremy Hunt announced 110 measures for businesses to deliver an ‘Autumn Statement for Growth’. The main announcements included significant reductions in National Insurance, full expensing for Companies and […]
Autumn Statement 2023 – How it affects you and your business? Read More »
The most frequently asked questions regarding the Construction Industry Scheme to assist both Contractors and Subcontractors. This is just an overview of the main topics. Related Links: DISCLAIMER – Please note that the content contained in this article is for
A CIS penalty of £100 is issued to contractors who file their monthly returns just 1 day late. This can increase to up to £3,000 per a return. Contractors who fail to comply with the requirements of the construction industry
What are the CIS penalties for filing returns late? Read More »
Improve your understanding of CIS repayments with this step-by-step guide. Get all the information you need to complete your CIS reclaim. Businesses which are registered as 20% net subcontractors receive less income from the contractor. They don’t receive the full
How do Subcontractors reclaim CIS Repayments from HMRC? Read More »
Contractors need to pay CIS to HMRC on a monthly or quarterly basis. We will show you the options on how to make the CIS payment. CIS deductions are paid to HMRC in the same way as employers make their
A CIS monthly return contains the details of each subcontractor paid. We will show you how to complete and submit the monthly returns. Contractors need to be aware of their obligations under the construction industry. They must ensure that the
What is a CIS Monthly Return and How to File with HMRC? Read More »
A payment and deduction statement is the document which proves how much CIS tax has been deducted by the contractor. When a contractor deducts the CIS tax, they must provide the subcontractor with a CIS payment and deduction statement. This
To ensure the correct tax is deducted contractors must complete a subcontractor verification. We will explain how to complete this process. Before a payment is made by a contractor they must complete a CIS subcontractor verification. This then povides the
Qualifying CIS materials don’t suffer any CIS tax deductions. What materials qualify and the pitfalls you need to avoid? The general rule with CIS is that you must apply a CIS tax rate to the labour on a subcontractors invoice.
Qualifying CIS Materials In The Construction Industry Read More »
We show a couple of CIS Calculation examples on how to calculate the CIS tax on a invoice. It includes labour, materials and VAT. In this blog we have a couple of CIS calculation examples. The first example is where
CIS Calculation Example – How to Calculate CIS Tax? Read More »