Construction Industry Scheme

Accountants in Driffield, East Yorkshire

The Construction Industry Scheme (CIS) establishes specific regulations for subcontractors in the construction sector, detailing how payments made by contractors to subcontractors should be managed. Under this scheme, contractors are required to deduct a percentage from payments to subcontractors as tax, which is then submitted to HM Revenue and Customs (HMRC). Subcontractors must register for CIS to have the correct deduction rates applied, and those not registered may face higher deductions. This framework aims to streamline tax processes within the construction industry while ensuring compliance and accurate reporting.

cWho has to register?

HMRC State that you must register if:

You pay subcontractors to carry out construction work for you.
You have spent more than £3 million on construction work in 12 months since you made your first payment (even if your business is not construction based)

Regardless of your business structure, it's crucial to register for the Construction Industry Scheme (CIS) before hiring subcontractors. Whether you operate as a sole trader, a partnership, or a limited company, you must be proactive to ensure compliance. If your business involves both contracting and subcontracting, you should register for both roles and adhere to the specific regulations for each. Many firms find it beneficial to utilise an accountant and CIS accounting software to efficiently manage CIS invoices and deduction statements, streamlining the process for their needs.

OUR APPROACH

At K Lawson Accounting, we are committed to providing our clients with the highest quality accounting services. We have been serving individuals and businesses in Driffield, East Yorkshire for over a decade, and we are dedicated to providing personalised support to help you achieve financial success.
Whether you need assistance with financial accounting, bookkeeping, tax preparation, or business consulting, we have the expertise and experience to help. Contact us today to learn more about how we can support your financial goals.

WHAT OUR CLIENTS SAY

I was impressed with the level of expertise and professionalism at K Lawson Accounting. They provided me with the support I needed to get my finances in order and achieve my financial goals.

Sandy Williams

K Lawson Accounting has been an invaluable resource for my small business. Their team is knowledgeable, responsive, and committed to helping me succeed.

Quinn Davis

I highly recommend K Lawson Accounting to anyone in need of accounting services. Their team is trustworthy, reliable, and always willing to go above and beyond for their clients.

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