Construction Industry Scheme (CIS)
Construction Industry Scheme, or CIS as it’s more commonly known, is the HMRC’s procedure for collecting income tax from individuals working within the building industry as subcontractors rather than as employees.
Although it can sound a little bit daunting, we’re fully trained, qualified, and experienced in the principles and practises of CIS Accounting. So, whether you’re working on a construction site or building project in Acton, Croydon, Bromley, Hackney, Islington, Hounslow, Harrow, Greenwich, or anywhere else in London, we can help.
For further information about our CIS Accounting Services in London, get in touch today.
Self-Assessment Tax Returns
Anyone who is self-employed, in any industry, is required to complete and submit an annual self-assessment tax return. If you work within the building and construction industries, this will be known as your CIS Tax Return.
Of course, completing your CIS Subcontractor Tax Return can be a complex and time-consuming process, especially if it’s a new experience for you. But that’s where we come in. At Multiplus Tax Solutions, we are fully equipped with the experience, skills, and expertise to help you complete your CIS Subcontractor Tax Return.
CIS Self-assessment returns must be completed each and every year and there are strict penalties for late returns. Paper returns must be filed by the 31st October, following the tax year ending on 5th April, whilst on-line returns must be submitted by the 31stJanuary following the end of the tax year. We will ensure that your tax returns are completed and submitted in advance of the deadline to avoid any unnecessary fines or charges.
For further information about our CIS Self-Assessment Tax Returns and Refund services, please do not hesitate to contact our London office today.
CIS Tax Refunds
Whilst we’re firm believers in adhering to tax legislation, we also believe that no one should be forced to overpay tax. But the reality is that, if you work under the Construction Industry Scheme, you have almost certainly overpaid tax at one time or another. And we’re not talking small change, we’re talking about substantial overpayments, in fact, our average CIS tax refund is £2,500!
So, as well as helping you to complete your self-assessment tax return, we will also help you to claim any refund that you are due, quickly and easily. With our expert team on your side, if you file your return online, you will usually receive your refund within 2 weeks.
For further information about CIS Tax Refunds, and to find out whether you’re owed a refund, please get in touch with our London office today.
Our CIS Accounting Services
If you’re a self-employed, construction subcontractor working in London or the surrounding area, we can take care of all your CIS accounting requirements.
- Preparation of your income and expenditure accounts
- Preparation of your self-assessment tax return
- Liaising with HMRC on your behalf
- General advice and assistance throughout the year
For further information about our CIS Accounting Services, please do not hesitate to contact our London office today.