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CIS returns

Accountancy and Bookkeeping services in Bournemouth

CIS returns

CIS returns

At Pullan Consultancy we understand that certain regulations are complicated, which is why we never put a limit on how much support you can receive from us. The Construction Industry Scheme (CIS) is a set of special rules for handling payments for construction work that contractors make to subcontractors. Contractors deduct tax from their subcontractor’s wages and pay it in advance to HMRC. Your CIS returns confirm which sub-contractors you have paid in the previous month and how much CIS tax was deducted.

However, subcontractors on the other hand, must file an annual tax return and claim back any overpaid taxes under the CIS. While most construction activities are in the scheme, some are not. Usually this is because they fall under other business categories for taxation purposes.

Filing CIS returns each month can feel like an unnecessary administrative burden placed on you. It doesn’t matter if you are a newly registered contractor or an existing contractor, Pullan Consultancy are here to take this burden away.

Information needed for your CIS returns

Your CIS return must include the following information for each subcontractor:

  • Subcontractor’s name
  • Subcontractor’s verification number
  • Gross Payment
  • Cost of materials paid to subcontractors
  • Tax rate – 20% for registered subcontractors/ 30% for unregistered subcontractors/ 0% for subcontractors holding CIS
  • Amount of tax deducted

What expenses can I claim for?

Pullan Consultancy are experienced in CIS returns and what expenses you can claim for. This can be an area that some people can miss out on and end up paying too much tax. Below, are some examples of allowable expenses in construction:

  • Work travel costs
  • Essential tools and equipment
  • Materials you need for work
  • General costs of running your business from stationery to adversiing
  • Accountancy fees

Pullan Consultancy will save you time and hassle with your CIS returns, therefore allowing you to run and grow your business. If you have any questions or queries on any of the information above then please contact us here.

  • Xero
  • Sage
  • Quickbooks
  • Bokio
  • Zoho books logo
  • Pullan Consultancy

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We pride ourselves on offering our clients a proactive and reliable, yet approachable, service to help them achieve their financial goals.
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Phone + 07974 236 430
Email + accounts@pullanconsultancy.co.uk
Address + 163 Harewood Avenue, Bournemouth, Dorset, BH7 7BJ

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© Pullan Consultancy. All rights reserved.
Designed by Joe Joubert.