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CIS payroll refers to the Construction Industry Scheme payroll; it applies to companies that provide construction services and to some other businesses. Depending on a subcontractors tax status, HMRC may require deductions of payments to contractors paid to them. This calculation does not include those monies paid for the purchase of materials.
Types of businesses that are covered by the CIS scheme include companies, partnerships and self-employed people.
The businesses can be contractors, subcontractors or both.
The type of work covered by the scheme includes site preparation, demolition, repairs, decorating, alterations, dismantling as well as construction.
Firstly, we register your business type. After that, we ensure your subcontractors are registered for the scheme with HMRC. We do this to ensure only lower rate tax is suffered.
Initially, our team verify each subcontractor and confirm that they are eligible for a 20% deduction. Once set up and ready, we file CIS 300 at the end of the month with HMRC. Because we incorporate these figures into your payroll scheme. The result is, you know the exact amount owed or outstanding by HMRC each month.
So, we calculate deductions, action the deductions, record payments, materials and deductions, pay the net amount to the subcontractor, give the statement of deductions to the subcontractor, and submit monthly returns, all on your behalf.
We send certificates every time a subcontractor receives payment, and an annual Certificate is sent for them to be able to submit their self-assessment, a benefit of this is the avoidance of HMRC fines.
CIS payroll is one of the primary services we provide; however, we also offer the whole range of payroll services, including:
If you need CIS help or advice please contact us today.