Tax Return Preparer For CIS Contractors
Tax return preparer is a must for all types of businesses. It does no matter whether you run a food store or a clothing chain, you need a professional that can help you to prepare your accounts and tax returns, ensuring you are running as efficiently as is legally possible.
In this post, we are going to take a look at tax return help for Construction Industry Scheme (CIS) contractors. You need to register as a contractor with the CIS if your business pays sub-contractors to do contraction work on your behalf. You should also register if you don’t undertake construction work, but spend in excess of £1 million per annum on construction. If either of these apply, there are some rules that you need to follow. This includes letting HMRC know if there are any changes to your business, keeping full CIS records, and filing monthly returns. You also need to check with HMRC whether your team is made of CIS subcontractors, which is something that a lot of people overlook. So, who is covered by CIS? This scheme covers the vast majority of construction work, refurbishment, decorating, and site preparation. If you need to register for it, this is something that your tax return accountant can assist with. Finally, make sure you keep all important documents, especially any deductions made from subcontractor payments and the gross amount of each payment invoiced by subcontractors, with VAT excluded.
AMG Financial Chartered Tax Advisers & Accountants is the company that can take your business to the next level with efficient tax planning. We have an exceptional reputation in the industry, and we can ensure that your business is operating at the highest levels of tax efficiency. To find out more about our credentials as a tax return preparer, head to https://amgfinancial.co.uk.