Although it is possible to deal with HMRC directly as regards the CIS, by far the easiest way to do so is through Payroll software that automatically completes the necessary calculations for you. Such systems can be expensive and time-consuming to set up, and many small and medium-sized businesses have previously thought it unprofitable.
Now though, we’re pleased to offer you our own cloud-based Payroll system, which can handle not only your CIS requirements but also your HR, PAYE, benefits and expenses and payslip functionalities – all at an affordable price. We can also handle your registration, deductions and CIS tax calculations on your behalf. If you’re a contractor, we can handle all your payments for you too, either through our cloud-based system or in the traditional way if you’d prefer, as well as completing your monthly CIS returns.
If your business is defined as a part of the Construction Industry, either as a contractor, subcontractor or industry with a high annual spend on construction, you will need to register for HMRC’s Construction Industry Scheme (CIS).
The obligations and responsibilities are different for each member of the scheme but can be summarised as follows:
Communications with HMRC & Companies House
Self Assessment Tax Return
CT600 (Company Tax Return)
Monthly Management Accounts
Accounting Systems Set-up
Business Startup – Company Formation
Benchmarking and KPI’s
Virtual / Part-Time Financial Director / CFO
Non-Executive Director (NXD/ NED)
Disaster Recovery Systems
Monthly / Quarterly / Annual Performance Meetings