It’s imperative not to risk penalties by neglecting to submit your monthly returns to HMRC. At Belmont Accounting Services, we collaborate with numerous contractors and possess the expertise to efficiently handle your requirements.
Our commitment to staying current with any changes in CIS regulations ensures that we promptly inform our clients of any modifications that might impact them, helping you maintain compliance and avoid unnecessary penalties.
Within this comprehensive service, we conduct an in-depth analysis of your self-assessment tax return to identify potential tax savings and scrutinize the form for any irregularities that should be rectified prior to submission.
By offering a fixed and competitive pricing model, we alleviate the concerns associated with self-assessment tax returns, allowing you to dedicate your focus to managing your business effectively.
Contractors: As a contractor, you have specific obligations under the scheme, which include:
Sub-contractors: If you operate as a sub-contractor, your primary obligation is to register with HMRC. Additionally, you must keep HMRC informed of any changes to your business, such as alterations to your business address, business name, business partners, and other pertinent information.
It’s crucial for any contractor you work with to determine your employment status for each contract. If you’re classified as an employee for a specific contract, the contractor will need to implement a PAYE scheme, deducting tax and National Insurance Contributions from your payments.
When you’re considered self-employed, HMRC will register you as a subcontractor under the CIS scheme. In this case, contractors are required to withhold tax at a rate of 20% (or 30% for unverified subcontractors) from the labor component of your invoices and remit it to HMRC.payments.
Whether you’re the contractor or the subcontractor, your local Belmont Accountant is equipped to assist you in effectively managing your CIS affairs.