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CIS Monthly Returns

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CIS Accountants Maidstone

ACCOUNTING

What is CIS tax and does this apply to me?

CIS refers to the majority of workers in the construction business. If you’re a contractor, then you will have to deduct CIS tax from your subcontractors, and present CIS Returns to HMRC. If you’re a subcontractor, you will have to submit a tax return and claim your CIS refund.

Construction Contractors

If you’re a contractor inside the construction business, then you will need to present a CIS Return ahead the 19th of each month. Your CIS return allows HMRC to know how much CIS tax your company have deducted away from your sub-contractors and consequently how much tax you owe to them.

Regrettably, the fines for late returns are pretty expensive. If your return is one day late the fine is £100 and if your CIS return is longer than two months late an additional £200 is due for payment with more fines the longer it continues un-completed. This is why it is extremely vital that you stay on top of your CIS return yourself or for a specialist to file your CIS Returns on your behalf.

WE HELP YOU FOCUS

What is the process?

If you appoint MTS Accountancy to take action of your CIS claims, we will require you to feel out a small form to let us know the essential information about your company and your sub-contractors. When we obtain this form, MTS Accountancy will then set your company up on our system ready to prepare your CIS Returns each month.

When you have received our notice each month, you then email MTS Accountancy with the amount you have paid to each sub-contractor, MTS Accountancy will then reply with your CIS statements and a summary of how much to pay to HMRC. If you are happy with everything, we then submit your CIS Return for the month. It’s as simple as that.

Contact a member of our team for more information.

TAX REDUCTION RELATED TO COSTS

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GROWTH IS YOUR FRIEND

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Management accounting focuses on the measurement, analysis and reporting of information that can help managers in making decisions to fulfil the goals of an organization. In management accounting, internal measures and reports are based on cost-benefit analysis, and are not required to follow the generally accepted accounting principle

Tax accounting in the United Kingdom concentrates on the preparation, analysis and presentation of tax payments and tax returns. The UK tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted accounting principles for financial reporting.

Depending on its size, a company may be legally required to have their financial statements audited by a qualified auditor, and audits are usually carried out by accounting firms.