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Failure to submit your CIS returns can incur penalties of £100.

CIS Accounting Service

If you are a contractor who uses subcontractors to undertake construction work then you should register with HMRC for the Construction Industry Scheme (CIS). Under this scheme contractors are required to file a CIS return every month for any payments made to subcontractors. Returns must be completed by the 19th of the following month so that HMRC is aware of who has been paid and how much has been paid.

CIS Returns

Failure to submit your CIS returns can incur penalties of £100 – even if you are only a day late. For returns that are more than two months late this penalty rises to £200 and can incur further charges.

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My Accounts Digital

My Accounts Digital provide a range of digital accountancy services and we can incorporate your CIS monthly returns submissions for just £10 a month. We ensure your CIS returns are accurately completed and submitted within the required timescales, saving you time and removing the risk of facing any penalties.

The Responsibility of the Contractor

Under CIS, contractors are responsible for checking that any subcontractors they use are verified with HMRC. As part of this check contractors need to confirm the subcontractors tax status and whether they are registered with CIS.

My Accounts Digital can take care of this for you – simply provide your subcontractors details and we will go ahead and verify them. Our team will also advise as to whether they are gross (0%), net (20%) or higher (30%) rate. This takes the stress and hassle of having to undertake this work yourself, leaving you to focus on other areas of your business that require attention.

A construction foreman checking the safety of some scaffold

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CIS Deductions

We ensure that accurate information is provided to HMRC so that you deduct the correct amount when paying your registered subcontractors. As part of our service we will provide subcontractors with monthly electronic payment certificates for their records.

As part of the Making Tax Digital scheme, we provide a completely digital service where you can simply send documents with the click of a button. This government backed initiative was formed to make it simpler for business owners and individuals to get their tax right.

For more information on any of our services please contact My Accounts Digital to speak to a member of the team. We provide professional advice and a range of financial services to individuals, limited companies, sole traders, small businesses and more.

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