Navigate The Construction Industry Scheme (CIS) Confidently with MJ & Co Accountants
tax Services
A Tax Deduction Scheme Focused On The Construction Sector
Are you grappling with the complexities of the Construction Industry Scheme (CIS)? MJ & Co Accountants specialise in breaking down the intricacies of construction industry finances, offering bespoke advice and hands-on support for your business.
The Construction Industry Scheme (CIS): A Brief OverviewÂ
The CIS is an HMRC tax scheme that applies to contractors and subcontractors in the construction industry. Contractors must deduct money from a subcontractor’s payments and pass it to HMRC – these deductions count as advance payments towards the subcontractor’s tax and National Insurance. Meeting these regulatory obligations is essential, yet can be overwhelming for busy construction professionals.Â
Our Value
Here's where MJ & Co Accountants steps in:
Whether you're a sole trader, in a partnership, or operate a limited company, if you pay subcontractors for construction work you must register as a contractor under the CIS - provided you meet certain conditions outlined by HMRC. Failure to register may result in hefty penalties, hence the importance of staying compliant cannot be overstated.
At MJ & Co Accountants, we understand that finding time for tax compliance and administration can be challenging when you're focused on building and sustaining your construction business. That's why we offer comprehensive support tailored to the unique needs of construction businesses and self-employed contractors.
Here's How We Can Assist:
Register your business with HMRC for CIS
Leave the bureaucracy to us.
Avoid penalties
We’ll keep track of deadlines for returns, ensuring you never miss a cut-off.
Maintain immaculate records:
We’ll manage your accounts and records, keeping you audit-ready.
Here's How We Can Assist:
Ensure correct payments within the scheme:
Our expertise ensures that deductions and payments are conducted correctly.Â
Stay abreast of CIS updates:
We monitor changes to the CIS, keeping your business compliant and informed.
Provide your subcontractors with deduction statements:
Transparency made simple.
Don't leave your business exposed to avoidable financial risks
If you’re an SME or self-employed contractor within the construction industry looking to streamline your CIS and VAT handling, reach out and entrust the numbers to MJ & Co Accountants. Call us today and pave the way for hassle-free compliance and continued business growth.Â