Construction Industry Scheme (CIS)

Welcome to AML Accountancy Solutions, your reliable partner for expert Construction Industry Scheme (CIS) services. Our specialised offerings are tailored to assist businesses operating within the construction industry, ensuring compliance, accurate reporting, and optimised financial management.

Embark on a journey through the world of CIS with us – understand its essence,significance, the benefits it offers, essential deadlines, and discover how our seasoned accountants can guide you towards seamless CIS administration.

Understanding the Construction Industry Scheme (CIS) and Its Importance

The Construction Industry Scheme (CIS) is a tax deduction scheme for the construction industry in the United Kingdom. It requires contractors to deduct money from a subcontractor’s payment usually 20% but can be as high as 30% for an unverified sub contractor and pay it over to HMRC. These deductions count as payments toward the sub contractor's tax and National Insurance contributions.

Recognising its importance is paramount because:

• Tax Compliance: CIS helps ensure that subcontractors pay the right amount of tax.
• Regulatory Adherence: Proper CIS management prevents non-compliance penalties.

CIS Requirements:

All businesses must register for CIS if they pay sub contractors to do construction work, hire sub contractors, or work as a sub contractor and pay others.

However there are some roles which are not currently included withinthe CIS Scheme. These include:

• Architecture and surveying.
• Scaffolding hire (with no labour)
• Carpet fitting.
• Delivering materials.
• Work on construction sites that is clearly not construction, for example running a canteen or site facilities.

Examples of CIS Activities:

• Verifying subcontractors with HMRC
• Deducting the appropriate amount of tax from payments to subcontractors

Key CIS Deadlines:

• Monthly Returns and Payment Submissions: Due by the 19th of each month, even if no payments were made

Note all tax month ends are the 5^th of the month. For example, if your CIS period runs from 6^th of May to the 5^th June, you will need to make your CIS return and pay any amounts owed by the 19^thof June.

The Benefits of CIS Services with AML Accountancy Solutions

1. Compliance Assurance: Our services ensure adherence to CIS regulations, avoiding penalties.
2. Financial Accuracy: Accurate reporting contributes to transparent financial transactions.
3. Reduced Tax Liability: Proper CIS management helps minimise tax liabilities.
4. Efficient Record-Keeping: CIS records provide clarity into financial dealings.

How AML Accountancy Solutions Can Assist You with CIS

Our experienced team at AML Accountancy Solutions is dedicated to simplifying CIS management for construction businesses. Here's how we can assist:

• Subcontractor Verification: Ensuring proper verification of subcontractors with HMRC.
• Deduction Compliance: Accurate tax deduction from subcontractor payments.
• Deadline Management: Timely CIS return submissions to avoid penalties.
• Regulatory Expertise: Navigating CIS regulations for proper compliance.

Contact Us for CIS Excellence

Ready to optimise your CIS administration and ensure regulatory compliance? Schedule your consultation with AML Accountancy Solutions today. Our dedicated team is eager to collaborate with you, making CIS management a seamless experience.

Contact us now to embark on a journey towards efficient CIS compliance and financial accuracy. Your business's success and regulatory adherence are our priorities, and we're here to support you every step of the way.