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CIS Returns (Construction Industry Scheme) Tax Returns

LibAbun services we provide for Contractors:

  • Register you with HM Revenue & Customs (HMRC) as a contractor and CIS Returns 
  • Verify your subcontractors with HMRC
  • Ensure you pay your subcontractors correctly within the scheme
  • Supply deduction statements to the subcontractors
  • Keep your records in good order and supply HMRC with monthly returns

Make sure you do not incur penalties by failing to submit your monthly returns to HMRC. LibAbun Accountants work with numerous contractors and are equipped to deal with your needs efficiently. By making sure we are always up to date with any changes to the CIS regulations we can notify our clients quickly of any changes that may affect them.

Contractors: As a contractor, you are required to meet specific obligations under the scheme, including registering with HMRC, checking whether your subcontractors are registered with HMRC, paying subcontractors, deducting tax and submitting monthly statements confirming these payments.

Sub-contractors: If you are a Sub-contractor, your main obligation is to register with HMRC. You must also keep HMRC informed of any changes to your business such as changes to your business address, business name, business partners, and other relevant information.

Services we provide for subcontractors:

  • Determine your status as a subcontractor or employee, (or both) and register you with HMRC for CIS Returns accordingly
  • Verify you with HMRC on behalf of your contractor
  • Manage and organise your business records
  • Prepare your end of year self-assessment tax return and calculate your tax liability/ refund where applicable

Any contractor that you work for must determine whether or not you are to be treated as employed or self-employed for each and every contract. If you are an employee for the purpose of the contract, the contractor will need to operate a PAYE scheme whereby tax and National Insurance Contributions will be deducted from the payments made to you.

If you are self-employed, HMRC will register you as a sub-contractor under the CIS returns protocols and they will set you up to receive payments ‘under deduction’. This means contractors must make a deduction of tax at 20% (30% for unverified subcontractors) from the labour element of your invoices and pay it over to HMRC.

Whether you are the contractor or the sub-contractor, your LibAbun Accountancy team can help you keep your CIS affairs in order. 

What's the process for completing your CIS returns as a contractor?

1

We manage This process For Your

We’ll communicate with you before the 19th of every month asking how much you’ve paid to your sub-contractors.

2

We send out your CIS statement

We’ll then reply with your statement, letting you know how much you owe to HMRC.

3

We submit your CIS return to HMRC

Once we’ve received your approval, we’ll submit your CIS return to HMRC. Job done!

How much will your CIS returns cost?

Our low statement fees help keep costs to a minimum

Contractors

From £5 per statement (per sub-contractor)*

Our CIS returns service takes the complexity out of working in construction

*CIS returns is an add-on service to our accountancy packages. The quote you receive will also include the cost of your accounts and tax returns.

There is a No minimum charge for our CIS returns. So for example, if you have just one sub-contractor our fee would be just £5+VAT per month.

Why choose us to complete your CIS returns?

Reduce the risk of penalties

If your CIS return is even one day late the penalty is £100, and if it’s more than two months late a further £200 penalty is applied. Our monthly automated reminders will help you avoid these unnecessary charges.

Comprehensive service

Our complete contractor service includes everything from adding and verifying your new sub-contractors, to processing your payment and deduction statements and submitting your monthly CIS returns to HMRC.

Free representation

As well as handling your CIS returns, statements and how much you owe HRMC, we’ll also act on your behalf if they decide to investigate your affairs, fighting your corner to ensure you win your case.

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