Construction Industry Scheme (CIS)

CIS for Contractor and subcontractor

Korklin & Company provides specialist accounting services for the construction industry ensuring contractors and sub-contractors meet the regulatory requirements of the Construction Industry Scheme.

Accounting Services for CIS Subcontractors

If you are a CIS subcontractor then you're used to having 20% tax deducted from your pay all year. Usually the tax deducted is too high as it has not accounted for any allowable expenses that you can claim as a CIS subcontractor. In short, it means that throughout the year you are usually paying too much tax.

What this means is that the majority of CIS subcontractors are owed a tax rebate at the end of the tax year once they have submitted their tax returns and claimed all allowable expenses,

The question is what you can and can't claim for - which is where we come in to the picture.

The accountants at Korklin & Co are experts in making sure that CIS subcontractors are paying the right amount of tax, getting their returns filed quickly after the end of the tax year, and getting any tax rebate owed to them sorted out as soon as possible.

Is there any need of outsourcing your accounts as a sub-contractor?

Certainly, you can file your tax return yourself. But is that really how you would like to spend your time? That aside, are you certain that you have all the expertise required to make sure that you are claiming the right expenses. When HMRC opens an enquiry, they frequently challenge travel expenses, use of home, laundry expenses etc with subcontractors generally on site all day, HMRC officers frequently challenge what work is being done at home or when it is being carried out. Journeys back and forth from home to site are also contested and argued to be habitual in nature and disallowable, if the same trips are being repeated on a regular basis. This is where our expertise come in to play.

We also offer a monthly subscription that not only makes sure that we're keeping on top of your accounts to get them done as soon as possible at the end of the tax year, but you'll have a dedicated Account Manager to talk to throughout the year for any advice that you may need.

Got a scary letter from HMRC? We'll handle it for you. Want to know when is the best time to buy new equipment, just give us a call and speak to your dedicated Account Manager.

Making Tax Digital for CIS Subcontractors

  • MTD stands for making tax digital. Have you heard about MTD before? At present, it only applies to VAT registered businesses but very soon it will apply to businesses having an annual income of more than £10,000. This means that you will need to file quarterly returns with HMRC rather than submitting an annual tax return. As part of this change, you will need to keep all your records digitally.
  • Korklin & Company are fully Making Tax Digital compliant. You can still just send us your paperwork by post and we'll handle it all for you. Or you can use our app to upload your documents and know that we're dealing with all the relevant submissions to HMRC behind the scenes.

How will you benefit from our services?

Unlike other accountants, we don’t ask you to do any work yourself. You don’t need to maintain a spreadsheet or have an accounting software subscription. The only thing you need to do is send us your paperwork and we will take care of the rest for you.

We'll make sure that your tax is correct and that you're claiming for all allowable expenses. We will make sure that your tax is filed quickly and any rebate you may be owed is in your bank account asap.

Accounting Services for CIS Contractors

As a contractor, you are required to be compliant with specific obligations under the construction industry scheme, including

  • Registering with HMRC;
  • Verifying that whether your subcontractors are registered with HMRC;
  • Paying subcontractors
  • Deducting tax and submitting monthly statements confirming these payments

The services we provide includes

  • Register you with HM Revenue & Customs (HMRC) as a contractor
  • Verify your subcontractors with HMRC
  • Ensure you pay your subcontractors correctly
  • Provide deduction statements to the subcontractors
  • Keep your records in good order and supply HMRC with monthly returns

We ensure that you do not incur any penalties by submitting your monthly returns to HMRC on time. Korklin & Company work with several contractors and are equipped to deal with your needs professionally. By making sure we are always up to date with any changes to the CIS regulations we notify our clients of any changes that may affect them.