Taxation Services – CIS
TPA are specialists in the construction industry and HMRC’s Construction Industry Scheme (CIS). CIS is the Government’s means of ensuring that operators in the construction industry pay their full taxes. The scheme is relatively complex and it is easy to fall foul of the extremely detailed requirements of the scheme, particularly if you are a main contractor making payments to subcontractors. Penalties for getting it wrong can seriously affect a business. Since the new system was introduced in 2007, the Revenue have generated millions of pounds in fines for late and incorrect returns. Getting CIS wrong can result in the loss of gross payment status, meaning tax is deducted at 20% up front on all your CIS income, potentially crippling your cash flow.
TPA look after the CIS needs of clients of any size, from main contractors to the smallest “subbies”. We can do a heathcheck on your CIS systems. Please contact us for more information.