Services we provide for contractors:
- Register you with HM Revenue & Customs (HMRC) as a contractor
- Verify your subcontractors with HMRC
- Ensure you pay your subcontractors correctly within the scheme
- Supply deduction statements to the subcontractors
- Keep your records in good order and supply HMRC with monthly returns
Make sure you do not incur penalties by failing to submit your monthly returns to HMRC. Tax Assist Accountants work with numerous contractors and are equipped to deal with your needs efficiently. By making sure we are always up to date with any changes to the CIS regulations we can notify our clients quickly of any changes that may affect them.
Contractors: As a contractor, you are required to meet specific obligations under the scheme, including registering with HMRC, checking whether your subcontractors are registered with HMRC, paying subcontractors, deducting tax and submitting monthly statements confirming these payments.
Sub-contractors: If you are a sub-contractor, your main obligation is to register with HMRC. You must also keep HMRC informed of any changes to your business such as changes to your business address, business name, business partners and other relevant information.
Services we provide for subcontractors:
- Determine your status as a subcontractor or employee, (or both) and register you with HMRC accordingly
- Verify you with HMRC on behalf of your contractor
- Manage and organize your business records
- Prepare your end of year self assessment tax return and calculate your tax liability/ refund where applicable
Any contractor that you work for must determine whether or not you are to be treated as employed or self-employed for each and every contract. If you are an employee for the purpose of the contract, the contractor will need to operate a PAYE scheme whereby tax and National Insurance Contributions will be deducted from the payments made to you.
If you are self-employed, HMRC will register you as a sub-contractor under the CIS scheme and they will set you up to receive payments ‘under deduction’. This means contractors must make a deduction of tax at 20% (30% for unverified subcontractors) from the labor element of your invoices and pay it over to HMRC.
Whether you are the contractor or the sub-contractor, your local Tax Assist Accountant can help you keep your CIS affairs in order. We have more 290 locations across the UK, making us easily accessible to you.
Do you offer free consultations?
When you contact us for accountancy advice, we will supply you with a free, no-obligation quote based on your business needs and bespoke requirements. We aim to answer all enquiries within 24 hours, so please get in touch with Approved Accounting today if you would like to know more.
Who do you help?
We provide services to personal taxpayers, self-employed individuals, partnerships, company directors and property landlords. Our services are tailored to you and your needs. You will find more information about who we help here.
I am looking for a price, what are your fees?
In order to provide you with a quotation, we can arrange a free, no obligation, consultation with you to discuss your individual needs so that you only pay for the level of support that you require. This allows us to best understand your needs and provide a tailored quotation for you. From this meeting we will provide you with a fixed fee quote that we both agree to and you will then know exactly what you are paying for the services we provide. Our clients tend to prefer to pay monthly which is an option we can discuss in the meeting.
Do you offer work experience placements?
Yes, if you are looking to gain experience in bookkeeping, tax or accountancy, some of our local offices offer work experience placements from time to time. The arrangements vary across our locations. To be put in touch with your nearest office to find out more, please contact us online.