NEED HELP WITH THE CONSTRUCTION INDUSTRY SCHEME (CIS) IN LONDON?
Devonshire Green has established a reputation as a market leader in the CIS sector. This success has been driven by hard work and the faith our clients have put in our ability, quality of service and professionalism. We have developed a niche within the marketplace both by our expertise and approach. With over 15 years experience, we have become market leaders and can take care of your complete CIS needs, including CIS tax.
Our clients are responsible for work on some of the world's most high-profile construction projects. They include: Heathrow Terminal 5; Paddington Basin development; Olympics; Wembley Stadium and Cross-Rail.
By being in the market for a long time, we have established networks with providers of indemnity and public liability insurance and site risk-assessments. We therefore service contractors and subcontractors and are able to take care of their requirements all under one roof, saving you time and headache.
The resilience of Devonshire Green has seen us not only come through two recessions, as well as the credit crunch, but we have established ourselves as market leaders in accountancy for the construction sector. This is not an arrogant boast, but to remind our clients that they remain our biggest asset and any prospective clients can be reassured by our track record in the sector that is continually exposed to companies closing down overnight.
Furthermore, the nature of the construction industry involves working on lengthy projects that may be based a long way from home. We ensure that all our clients'paperwork is taken care of and offer cloud based solutions for those working remotely.
If you are working as a sub-contractor in construction through a limited company, it must be registered for CIS with HMRC. If you are a Fully Administered Company (FAC) with Devonshire Green, we will do this for you.
Once registered, a company can then be verified by individual contractors who will make the standard 20% CIS deductions from payments. The CIS deduction rate for unverified sub-contractors is 30%.
Each month you should receive a payment and deduction statement (instead of the old CIS25 vouchers) from your current contractor. These will be made out to your company. You will need to retain these in order to summarise your income and CIS deductions for each month.
As your annual deduction is usually higher than your final company taxation bill, you will be entitled to claim a repayment at the end of the tax year. This is called a CIS refund. Applying for and receiving this refund can be a drawn-out and complicated process. Unless you have first-hand knowledge of the UK taxation system, it can be virtually impossible to obtain a refund, as a lot of construction workers have discovered to their peril.
We at Devonshire Green pride ourselves on being the only specialised CIS accounting and taxation company in London. Before you begin contracting in the construction industry, we recommend you contact one of our fully-qualified consultants to discuss the options available to you. Although it may appear complicated, working under CIS can be a simple and efficient means of managing your tax affairs whilst contracting in the UK, provided you take the right steps at the beginning.
Contact us to learn more about how we can assist you with the Construction Industry Scheme.