Construction Industry Scheme Information
If you work within the construction industry and employ sub-contractors you will be aware of HMRC’s CIS scheme. If you are a contractor, you may not be aware that if you fail to adhere to the strict regulations set out by HMRC, you could receive a fine of up to £3,000.00 – a frightening sum of money, yet we will help you to avoid the risk of being fined.
We can process your CIS requirements using our dedicated software, reducing the time you spend administering this very important reporting requirement. Our services offer the following features:
• New Sub-contractors – We will provide you with a new sub-contractor form for your new sub-contractor to complete. With this information we will be in a position to set up a payment record and begin the verification process.
• Verification – It is a condition of the Construction Industry Scheme that all sub-contractors must be verified with HMRC prior to being paid. The verification process determines what tax deduction you are to make from the sub-contractor. APB will verify all your sub-contractors on your behalf, which has proved to be an arduous task for many contractors.
• Pay Run – Process your CIS and report the details to HMRC as per the rules
• CIS Deductions – Process your payments to your sub-contractors ensuring they are deducted the appropriate tax amount.
• CIS Sub-contractor statements – Produce statements detailing how the sub-contractors pay is made up, which also include year to date figures as well as current pay figures.
• Payment Report – Provide you with a detailed management report every time we process your pay run. You will need these figures when processing your Year End P35 Return.
• HMRC Liaison – Liaison with not only yourselves but also HMRC with regards to any queries arising with your CIS payroll process. If requested, we will also deal with any issues your sub-contractors may have over their pay.
If your company also suffers CIS deductions as a subcontractor, we can also make the necessary recoveries to offset your liabilities.