IR35 & CIS SCHEME

CIS Tax System Explained

• The CIS tax system affects most of the businesses and self-employed workers in the construction industry.
• It is a complex piece of tax law, which generally requires contractors to withhold tax from their subcontractors at the point of payment.
• Contractors are required to report these deductions every payroll month through the online CIS reporting system and pay the correct amounts to HMRC.
• They are also legally bound to provide a certificate to subcontractors showing the amounts earned and tax deducted.
• Subcontractors are required to have a registered business or to be self-employed, and to submit a tax return each year.
• They report their total income, are allowed certain business tax allowances, and can offset the CIS tax deducted against their tax liability.

IR35 and Contractor Support

• Tax law is evolving and it is more necessary now than ever before to understand your position regarding IR35.
• We specialize in working with professional contractors and understand the complex rules in this area.
• Our service includes a contract compliance review by a respected law firm specializing in IR35. This will enable you to structure your contract correctly and to start working knowing the likely tax impact.
• We support our contractor clients with full bookkeeping, accounting, company and personal tax services, VAT and payroll.
• Get in touch with us today for IR35 and CIS tax and accounting services for your business.
• We also help you with business development services for your company.