Contractors in the HMRC CIS scheme are under many obligations, some of these can seem a little baffling and time-consuming tasks.
HMRC requires that you must first register as a contractor with them, verify each and every sub-contractor you are using and deduct a percentage of tax on payment. At the end of each month, a statement for each sub-contractor that is being paid must be produced with the relevant information and a monthly CIS return must be submitted to HMRC within the deadlines. The total amount of tax deducted from the sub-contractors must then be paid to HMRC.
Our service includes:
Verification sub-contractors for you.
Complete monthly Statements for sub-contractors sent out
How much tax is needed to deduct from each payment.
Records of payment and tax deduction from your sub-contractors each month.
Calculation of tax due to HMRC each month and completion of payslip. (We will inform you of how much is needed to be paid and how to pay it)
Complete the monthly CIS Return and submit it to HMRC on-line, ensuring you don’t miss any deadline.