Self Assesments

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CIS RETURNS

The Construction Industry Scheme (CIS) is a set of rules that apply to contractors and subcontractors in the UK construction industry. It’s a peculiar tax that only applies to workers in the construction business. The Construction Industry Scheme (CIS) outlines how contractors in the construction industry should handle payments to subcontractors.

If you work in the construction industry, you must complete a Self Assessment tax return, which must include a reconciliation of your refund. It must provide the total amounts on the invoices as income, as well as any deductions a contractor has made in the ‘CIS deductions’ section.

Please contact us if you have any questions about how and when tax refunds are paid.

SELF ASSESMENT TAX RETURN

Need to do a corporation tax return or Accounting service for your company?

Call us today and speak to one of our qualified tax advisors. We have made the whole process of completing your company tax return stress-free.

If any of the below criteria apply to you, you will need to complete a Self Assessment tax return:

  • You are self-employed.
  • You are a company director.
  • You have an annual income of £100,000 or more.
  • You have income from savings, investment or property (unless collected via PAYE)
  • You receive income from overseas.
  • You have income from trusts, settlements and estates.
  • You have Capital Gains Tax to pay.

Remember, if you haven’t filed your Self Assessment return by the 31 January deadline, you will be liable for an instant £100 penalty on the 1st of February.

Ready to set up your company?

Whether you are an established business owner (trading as a sole trader) looking to incorporate or starting a new business through a Limited Company, we will ensure your company formation gets the perfect start.

We will advise you on choosing the proper company structure to decide on the ownership of your company, i.e. how many shareholders and how many shares each will have (known as their shareholding). In addition, ensuring that the Articles of Association and Memorandum of Articles meet your business requirements is crucial at the setup stage.

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