Under the Construction Industry Scheme (CIS), contractors are required to file a monthly return to HMRC and deduct money from a subcontrator’s earnings as advance payments on their tax bill.
Why is it?
Client - whose tax is being done by someone else - has just told me he was reg as CIS contractor back in Nov.
Client engages several subcontractors. Calculations correct on all apart from one particular chap.
I have submitted the final eps for 14/15 and agreed all the entries back to the monthly statements,
Just wanted to check I am about to deal with this correctly:
Hi we had a subcontractor client approach us in November last year saying he had four years tax returns outstanding and that HMRC were chasing him for some £16k in tax.
I was doing a quick review of my competition and I have stumbled upon this accounting practice.
New client registered CIS scheme over phone 2 weeks ago. We now have ref numbers and I applied for agent status a week ago when he became a client.
Does anyone have any recommendations for CIS software for currently 300 subcontractors and growing.
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