Anyone who uses subcontractors for construction work needs to register with the Construction Industry Scheme (CIS).
Subitlis Accountancy are specialist in the construction industry and help your company with the following recording keeping, which is a must under CIS and severe penalties for failure to produce such documentation:
- the gross amount of each payment made to each subcontractor (excluding VAT)
- the subcontractors’ Unique Taxpayer reference (UTR) and National Insurance number
- any verification details HMRC made including the payment status and verification number
- the amount of any deduction you made from a payment before you gave it to the subcontractor
- if you made a deduction, the amount of any materials costs – excluding any VAT
To find out more please contact us