Taj Accountants is a specialist CIS Accountants in London have excellent in-depth knowledge and expertise in dealing with Construction Industry Scheme, CIS returns, Cloud Bookkeeping and complete tax and accounting services. As a top CIS Accountants, we will help you to keep control of your accounting functions, and this will free up time to help you focus on your CIS work while we take control of your tax affairs. call now on 02037595649.
Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor's payments, which is then passed onto HM Revenue and Customs (HMRC). The deductions count as advance payments towards the subcontractor's tax and National Insurance.
There are as many as three rates for the subcontractors that come in the range of 0%-30% depending on the category to which the subcontractor belongs. While CIS aims at minimizing the tax evasion in construction industry the aim of the tax payer will always be reduction of tax amounts as much as permissible legally. Tax calculation and especially CIS tax assessment is a complex process and requires handling by experts, in order to ensure that you are not burdened with exceptionally heavy taxation.