Contractors need to complete monthly CIS returns and submit the information to HMRC, this includes the deductions from subcontractors and accounting for all of the CIS tax suffered. If you are registered as a CIS subcontractor, then TWC can account for this by taking care of the monthly CIS returns for you. We can also register you as a subcontractor if you are just starting out in business.
TWC can guide you and inform you whether you are using employees or honest contractors, and we can help you navigate through the labyrinth of legislation in order understand how the CIS rules apply to your specific business.
We can also help you verify subcontractors online by identifying the CIS deduction rate you need to apply to each contractor. By getting it right for you, we can help you avoid penalties when tax return deadlines loom.
TWC can also prepare and submit monthly CIS returns online on your behalf, guaranteeing compliance and instant approval, whilst creating the payslips in precisely the correct format to permit your subcontractors to recuperate the tax deduction suffered.
TWC can also undertake full reporting to you, to HM Revenue & Customs, the contractor, and to the subcontractor (including reprinting documents).
Please contact us to for a chat to discuss your business needs.