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Services - Construction Industry Scheme (CIS)
The new CIS scheme in operation since April 2007 is much more focused on penalties. The monthly return, once issued, must be returned to HMRC by 19th of each month to avoid an automatic fine of £100, whether sub-contractors are used or not during the month. The amount of CIS tax to be deducted is usually 20% but can be 30% depending on the tax status of the sub-contractor.
Use our Support to Help Build your Business
Dealing with all the paperwork and ensuring the monthly deadline is met, allows you to concentrate on what you do best. i.e., keeping the customers happy and building your business.
Several Contractors and Sub-Contractors of various trades utilize our services to eliminate the regular build-up of paperwork and compliance issues. Our complete accounting package includes:
- Checking the employment status of a new sub-contractor
- Verification with HMRC (necessary before payment can be made)
- Completing and submitting the monthly CIS return
- Generating the payslip/voucher for the sub-contractor
- Maintaining regular bookkeeping (usually on Sage)
- Providing quarterly Management and Annual Accounts
- Completing and Submitting Tax Return
- Requesting tax refund due from HMRC at earliest opportunity
- Support with unlimited email and telephone support
- Throughout the whole process, communication is maintained ensuring paperwork or figures are not forgotten. We can also help you set up a system that streamlines the paperwork trail helping with the delivery and collection process.
Not Sure if you are Charging the Right Price ?
Often overlooked, it is absolutely vital to use a system that ensures you stay ahead of your competitors, not only on price, but also on quality. A job costing exercise simplifies the process and allows you to make certain decisions or changes to your service.
We can set up a simple job costing system that will allow you to:
- Calculate the profit on each job
- Make changes as the job progresses
- Add in extras to see how the profit is effected
- Calculate fixed overheads
- Calculate a breakeven (minimum gross profit needed to cover overheads)
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The Taxman loses most IR35 disputes!
Please contact us if you would like a free consultation to discuss the tax advantages of contracting in more detail and the different possible scenarios.
We offer all inclusive services for contractors including...
- Company formation;
- Annual Accounts;
- Company tax returns;
- Personal Tax Returns;
- Company secretarial service;
- Book-keeping;
- VAT Returns;
- PAYE Returns;
- Tax computations;
- Review of contracts for IR35 status;
- Provision of anti IR35 draft contracts;
- Dealing with IR35 disputes.
- IR35
There are many factors to consider in deciding if a contractor is caught by the notorious IR35 legislation.
Fundamental factors to consider:
- Control;
- The right to get a substitute or helper to do the job;
- Mutuality of obligations.
Other factors to consider:
- Provision of equipment;
- Financial Risk;
- Basis of Payment;
- Opportunity to profit from sound management;
- Part and parcel of the organisation;
- Right of dismissal;
- Employee benefits;
- Intention of the parties;
- Length of engagement.
- These are often matters of general employment law, and not specific tax legislation. There is an enormous amount of Case Law in this area and the Taxman is not always right. They do not have the final say on whether somebody is caught by IR35 or not. We can argue your case for you.
The cost of employees and employers national insurance if you get it wrong are considerable as well as interest and penalties.
We can review your existing arrangements and give you our opinion on whether it will stand up to attack from the Revenue. We can help draft contracts for services to assist you and advise on how you can maximise your chances. |
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We can conduct a full tax review of your business and determine the most efficient tax structure for you. Very often such reviews result in considerable tax savings, which show up as real improvements in your bottom line.
As with any other area of taxation, it is essential to be proactive and plan ahead when dealing with corporation tax.
In this way you can:
- Minimise your corporation tax liabilities
- Make the most of any available reliefs, tax losses and deferment opportunities
- Ensure you meet all your CTSA deadlines and file your returns correctly, thereby avoiding any potential penalties
In addition to helping you with your corporate tax planning we can also represent you in any communication with the tax authorities.
Why take up valuable time and resources dealing with corporation tax when we can do it for you?
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If you measure it, you can manage it!
Up to date, relevant and quickly produced management information allows you to make the right decisions.
Our management accounts and information services include...
- Monthly or quarterly management accounts;
- Reporting of key performance indicators that are the underlying drivers that run your business;
- Help with in house systems for you to produce your own information;
- Training on how to get the most out of your information;
- Supplying management information to lenders;
- Branch/Divisional results;
- Actual performance compared to budget and/or comparative periods;
- Costing information, including break-even turnover levels.
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