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Construction Industry Scheme

What is CIS?

The Construction Industry Scheme (CIS) is essentially the way HM Revenue and Customs collects tax from in and around construction, typically as contractors and subcontractors.

CIS Solutions Service:

Businesses and contractors registered for the construction industry scheme will deduct a percentage of their payments to subcontractors.

 

This amount deducted will then be paid to HM Revenue and Customs on the behalf of the subcontractor to ensure tax and national insurance is paid.

CIS returns are submitted every month that show the amount paid to each subcontractor gross, the amount deducted by the contractor and the amount to be paid to HM Revenue and Customs. These payments are typically included with PAYE.

Depending on whether you’re a contractor or a subcontractor, your obligations and what you need to do will differ.

Why is it so important?

All contractors must register for the construction industry scheme (CIS), although it is not required that all subcontractors must register. Unregistered subcontractors will be deducted at high rate as a result.

 

Once registered and verified, contractors must submit monthly CIS returns to HM revenue and Customs.

Our Services:

​CIS includes most construction work, therefore if your business does the following and has subcontractors you may need to register.​​​

  • Temporary or permanent building work

  • Demolition or dismantling 

  • Alterations, repairs or decorations

  • Installing systems such as heating, lighting and power

  • Cleaning inside buildings after construction work has taken place

  • Civil engineering work

We work with contractors to make sure they understand their obligations and remain completely compliant throughout the process. In some cases, clients have overpaid tax and receive a rebate

Get in contact with us below to find out how we can help you register your business and stay on top of filing your CIS recording and submissions. 

The ways in which we can help you...

We care about you and your business hence why we go above and beyond for all our clients

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We love working with cloud based software which allows your financial information to be accessible by you and us 24/7.  

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Self-Assessment Tax Return service for individuals helps to ensure your return is completed on time and efficiently

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Any business that has employees will need to run a payroll and submit RTI to HMRC on each payday

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We complete VAT returns on a monthly, quarterly or annual basis for clients, helping putting your mind at ease over VAT

End of Year Accounts Preparation

Year end accounts often form the basis of your Self Assessment tax return and provide a valuable insight into your business

Construction Industry Scheme

We work with contractors to make sure they understand their obligations and remain  compliant throughout the process.

Business Tax

Navigating your corporation tax returns can be compared to negotiating a minefield.

HOW CAN WE HELP?

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MALAIKA BUSINESS AND FINANCE LTD

298 Green Lane,

Ilford, IG1 1LQ

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