CIS Tax Return

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CIS Tax Return & Refund

The Construction Industry Scheme or the CIS, has defined rules for payment for the subcontractors in the construction industry. Other than this companies who have a high spend on construction need to follow these rules defined by CIS.

What falls under construction as a term?

In simple terms anything to do with making, building or assembling things is construction. To be more specific, here is the list:

  • Any civil engineering work
  • A building work which could either be permanent or temporary
  • Any decoration or refurbishment work
  • Work related to extensions
  • Or a demolition work. Yes, you read it right! Unknown by many, demolition is very much a part of the term ‘construction’
CIS Tax Return

How does it work?

All sub-contractors have to be registered under the HMRC in order to receive payments. It is essential as part of the CIS rule, that contractors deduct a portion of remuneration of sub-contractors and pass it to HMRC which is considered as advance tax. All sub-contractors, in order to receive payments, have to be registered with the HMRC. Before the payment is made, the sub-contractor’s verification is done as per HMRC. If the sub-contractor is registered, he will get paid either the complete amount of a deduction of 20% whereas if he is not registered a flat deduction of 30% is made. The process of registration is not a one-time task and monthly filings with the HMRC is required to be done.

Why get into this ongoing filling process and spend your valuable time in saving your tax amount? Let the experts at Limelight manage this for you.

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