Martax Accountants is an independent firm of Chartered Certified Accountants who specialise in providing CIS accounting and tax services to sole traders and limited companies working in the Construction Industry Scheme. Whether you are working as a CIS contractor or a subcontractor, our specialist team of CIS accountants can help you meet all the filings requirements and to ensure that you maximise your tax savings.
We are specialist CIS accountants based in New Malden serving clients in London and Surrey. We provide CIS accountancy and tax return services for a fixed fee and there are no hidden charges.
If you are working in the construction industry whether as self employed or through a limited company, you will have certain responsibilities towards HM Revenue and Customs (HMRC) and that is where Martax Accountants can help you to fulfill all your obligations. We provide our CIS tax returns and accounting services in New Malden, Kingston Upon Thames, Wimbledon, Cobham, Weybridge and all the surrounding boroughs in London and Surrey.
Accountants for CIS Self Employed or Sole Traders
Under the Construction Industry Scheme, if you are a subcontractor you will need to register with HMRC as a CIS sole trader. Your CIS contractor will check your registration with HMRC and if verified will deduct 20% of tax from your invoices and will pay this to HMRC on behalf of you. If you are not a registered CIS subcontractor, your contractor will deduct 30% of your invoices.
As a CIS sole trader, you will be required to submit your annual self assessment tax return by 31 January following the end of the tax year. We are specialist CIS tax return accountants who can help you prepare and submit your CIS self assessment tax return ensuring that you claim all your legitimate expenses, and that any CIS refund is directly credited into your bank account.
If you would like to work in the Construction Industry as a CIS self employed/sole trader, the first step would be to register yourself with HMRC as a sole trader working in the Construction Industry Scheme. Once you are a registered CIS subcontractor, any contractor (normally a CIS contractor company) who would hire you will deduct 20% tax from the gross value of your invoice. However, if you are not a registered CIS self employed contractor, they will be required to deduct 30% tax from your gross invoice.
CIS sole traders are required to file their self-assessment tax returns every year before 31 January following the end of the tax year. The tax year for CIS sole traders end on 5 April every year. For example, for the tax year ended 5 April 2018, CIS sole traders must submit their tax returns by 31 January 2019. There are penalties for the late filing of the returns.
At Martax, we have a team of expert CIS employed accountants who can help you with the following:
- Register you as CIS subcontractor with HMRC
- Preparation of your CIS accounts
- Calculation of your taxable profits
- Advise on claiming all the legitimate expenses to optimise tax savings
- Arrange for the refund to be paid directly into your bank account or advise you on the tax to be payable to HMRC if any.
Accountants for CIS Limited Companies
Under the Construction Industry Scheme, if you are a contractor you will need to deduct CIS tax from your subcontractors and submit CIS returns to HMRC. CIS contractors must be registered with HMRC for the scheme. CIS subcontractors don’t have to register, but there will be higher deduction of tax if they are not registered.
If you are a contractor within the construction industry then you will have to submit monthly CIS returns before the 19th of each month. A CIS return lets HMRC know that how much CIS tax you have deducted from your subcontractors and therefore how much you owe to them. We are specialist CIS contractor accountants who can help you prepare and submit your monthly CIS returns ensuring that you are compliant with HMRC and provide your CIS subcontractors their CIS vouchers and deduction statements throughout the year.
If you would like to work in the construction industry through a limited company, the first step would be to register a limited company with Companies House. As a director of the company you will have certain responsibilities which you will be required to fulfill throughout the year. As compared to CIS sole traders, CIS limited companies have more filing requirements such as:
- Submission of annual company accounts with HMRC and Companies House
- Submission of annual corporation tax return with HMRC and the payment of corporation tax liability (if any)
- Monthly CIS returns with HMRC if you hire CIS subcontractors
- Monthly RTI returns with HMRC if you employ someone in your company
- Monthly or quarterly VAT returns if you are registered for VAT
- Submission of annual confirmation statements with HMRC
At Martax we have a team of specialist CIS limited company accountants who can help you with the following:
- Remind you when it’s time to file a return and request the relevant information every month
- Adding and verifying new subcontractors
- Process payslips and deduction statements for subcontractors
- Submit your monthly CIS returns
- Provide ongoing advice and support on CIS issues
- Automated email reminders to inform you when your CIS returns are due
- Representation in the event of a CIS enquiry from HMRC
- Correspondence with HMRC on your behalf
- Unlimited help and advice regarding your CIS Returns
- Monthly payslips and RTI submission with HMRC in relation to your employees
- Quarterly VAT returns
- Preparation and submission of annual accounts
