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You May be Paying too much Tax
There are a number of ways where sub-contractors can pay too much tax:
- Not declaring the right level of income
- Declaring too little in deductions made throughout the year
- Completing claims for expenses incorrectly or submitting them incomplete
It is easy to fall foul of the reporting system. Our services simply ensure you report correct income levels, submit deductions properly, and claim for every expense.
We submit a return on your behalf after we have talked through your tax position with you.
Our services and costs are transparent. We keep you in the loop at all times and make the process as smooth and efficient as possible.
What is the Construction Industry Scheme (CIS)?
This is a process where contractors deduct money from a subcontractor’s payments and send the information to HMRC.
Those deductions are advance payments towards the subcontractor’s tax liability. All contractors and subcontractors must be registered for the scheme.
HMRC regulates the payments made by a contractor in the construction industry made to any subcontractors. The payments are regulated by monthly returns which have to be filed with HMRC under CIS.
CIS covers all construction work including:
- Site preparation
- Demolition and related work
However, this list is not exhaustive and it is important that the type of work undertaken is assessed.
Contractors making the payments and subcontractors receiving the payments must both be registered.
"Rigel Wolf Ltd have been excellent at catering for our payroll service requirements, providing a personal, professional service. We are fortunate to have chosen an accounting team with a responsive, flexible and customer friendly ethos that matches our needs. They have steered us expertly and helpfully, we could not have asked for a better service in anyway. I wouldn’t hesitate to recommend Rigel Wolf Ltd to anyone"
We followed Shell from her previous firm to Rigel Wolf due to her professionalism and the high standard of work that she provides. She has helped us in many areas of our business – always explaining things clearly and suggesting better working practices.
We have on occasion had to rely on Shell to carry out work for us at short notice and she has never let us down. Shell is extremely knowledgeable in her work and we would not have been able to make some of the financial decisions in our business without her.
"As a small business Rigel Wolf Ltd has been the perfect find for all of our accounting needs and business advice and support. Simon and his team place customer satisfaction at the top of their agenda and backed up with all of the knowledge you could ever need to know for starting or running a business means any enquiry or concern is swiftly dealt with and the support offered is second to none. As a potential new business owner or existing company/sole trader I couldn’t recommend Rigel Wolf Ltd enough as the perfect support for your new venture or as an alternative with an extremely approachable and professional manner."
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