Contractors/CIS
Whether you are a Contractor or Subcontractor, we can help with CIS filing and handling your rebates.
Our comprehensive service means that we handle everything.
If you’re a Sole Trader, Limited Company or a Partnership working in the Construction Industry, you may be subject to CIS tax. At Low Cost Accounts, we will ensure that you are compliant and that your returns are handled accurately and on time, ensuring that any rebates you are due are dealt with quickly.
With our in-depth industry knowledge, we streamline your financial processes, helping you maximise your profits and minimise your tax liabilities. Trust us to be your partners in success, providing top-notch contractor bookkeeping services to help you thrive in the competitive landscape of the construction industry.
How can Low Cost Accounts help?
We can register you for CIS, ensure your returns are filed accurately and on time. We will ensure that payments are done accurately within the scheme and help you avoid penalties due to late returns. We can also make you aware of any changes to the scheme and supply deduction statements to subcontractors.
FAQs
Do I need to Register for CIS?
If you pay subcontractors for construction work, you will need to register with HMRC as a Contractor.
If you work for a contractor, you will have to register with HMRC as a subcontractor. In order to receive gross income from a contractor, you will need to show the following:
1. You’ve paid Income Tax and National Insurance on time.
2. Your business does construction work .
3. Your business is run through a bank account and turnover is over £30,000
Is a bookkeeper cheaper than an accountant?
It’s important to understand whether you need to hire a bookkeeper or an accountant. This choice primarily depends on the industry and the level of expertise required. A bookkeeper is generally less expensive to employ.
Do sole traders need bookkeeping?
As a sole trader, detailed bookkeeping is crucial as you must report your business profits at the end of each tax year.
How to do bookkeeping for sole traders?
Record Keeping for Sole Traders are: All records related to taxable income; VAT records (if applicable); Evidence of any grants from the Self-Employment Income Support Scheme (SEISS); Business bank records (if you have a separate business bank account, use your records from there); Receipts for any business-related expense.
Does a sole trader need an accountant?
There is no legal requirement for a sole trader to hire an accountant. Although it isn’t mandatory to hire one, if you want to ensure that all your tax affairs are absolutely to-the-letter correct, then hiring an accountant is a good idea.
What are the 3 golden rules?
The Golden Rules of Accounting are: “Debit what comes in – credit what goes out.”; “Credit the giver and Debit the Receiver.”; “Credit all income and debit all expenses.”
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