The construction industry is a sector that is constantly changing. Our advice and guidance can make it possible for you to remain competitive while operating efficiently. Our goal is to assist you with streamlining your performance through the right level of funding, planning, cash flow planning and payroll service. We have experts on hand who can guide you through the many regulations, ensuring that you remain compliant while minimising costs.
This scheme has been designed by the Inland Revenue and has been created to help those who work in the industry manage their tax affairs. For subcontractors, contractors will deduct 20% from your pay and that will be considered to be a payment towards your tax and Class 4 National Insurance liabilities when the time comes to complete your tax return.
We offer a range of services that are designed for contractors including:
Construction Industry Scheme Services
- Register you with HMRC as a contractor
- Verify your subcontractors with HMRC
- Ensure you pay your subcontractors correctly within the scheme
- Supply deduction statements to the subcontractors
- Keep your records in good order and supply HMRC with monthly returns
The services we offer for subcontractors include:
- Determine your status as a subcontractor or employee, (or both) and register you with HMRC accordingly
- Manage and organise your business records
- Verify you with HMRC on behalf of your contractor
- Prepare your end of year self-assessment tax return and calculate your tax liability/ refund where applicable
The construction industry regardless of whether you are a contractor or subcontractor can be extremely complex. Therefore, we are on hand to ensure that you receive the correct guidance and support from experts who have experience in working in this area of accountancy. Our service is designed to ensure that you are compliant and adhere to the many regulations that govern this industry.