CIS Returns For Construction...
...services from just £64pm
If you're a contractor under the Construction Industry Scheme (CIS) then you'll need to send HMRC a monthly return to tell them about the payments you've made to subcontractors. There can be a lot of bookkeeping involved and HMRC is going to check on your records every once in a while, so you need to make sure they're accurate and kept safe. There are strict deadlines that you can't afford to miss, with penalties that start from £100 if you're even a single day late. They just go up from there. To avoid those, you need to be able to get your hands on the information they want reliably and get it all submitted on time.
The easiest way of keeping on top of your returns is to do it all electronically, either through HMRC's CIS Online service or using other software. You'll need to register to do this. Larger contractors with a lot of subcontractors will need to use the Electronic Data Exchange, and make sure their systems can work this way.
Every time you make your monthly returns, it's vital to check that HMRC has all the right details for your business and subcontractors. Things get messy fast if any of these details are wrong, so be sure there's nothing out of place. Once that's done, you can start filling in all the payments you've made. Remember - if you're a CIS contractor, you need to go through all this even if you've made no payments to subcontractors at all.
The right help can make all the difference in getting your CIS monthly returns calculated and sent in on time with no mistakes. RIFT Accounting can guide you around all the pitfalls of dealing with HMRC. We can even be your agent with them, doing it all ourselves and taking the heat off you entirely!
RIFT Accounting is like a stunt double for your business, taking care of the dangerous stuff and making you look amazing.