HMRC administers the Construction Industry Scheme (CIS), regulating payments flowing between building contractors and subcontractors.
Both parties will need to register with the scheme, which covers anything from permanent buildings to temporary structures and civil engineering projects.
All CIS contractors are obligated to make monthly returns. Let Surrey Accountancy get everything in order on your behalf.
We will also help you verify subcontractors for payment purposes. There are plenty of rules when it comes to making payments, which can feel rather overwhelming – like the fact that main contractors must keep a portion of the pay as CIS tax. You also need to submit CIS returns online.
From 1 March 2021, for impacted suppliers, their subcontractors will need to issue domestic reverse charge VAT invoices to main contractors. This is known as the VAT Reverse Charge Scheme. To find out more read our blog here.
To avoid costly mistakes, contact us today.
Thank you for submitting your details to Surrey Accountancy Ltd.
Please allow up to 48 hours for a response.