Contractors and subcontractors are required to register with HRMC under the Contractor Industry Scheme. The contractor is obligated to verify that the subcontractor is self-employed and therefore submit monthly tax returns on their behalf. These returns should be made by the 19th of each month for the previous month’s returns. Such a short time frame will leave enough room for errors which could end up into fines and penalties. The contractor is required to remit taxes on behalf of the subcontractor from their gross income to the HRMC. Furthermore, HRMC may randomly check your reports and original documents to verify transactions which if not availed or contain errors, may land the contractor into legal trouble.
It therefore leaves no choice for the contractor to ensure their accounting process is top notch and efficient to meet all these obligations.
A good accounting company like Philip Nolan Accountants will help you prepare and remit your monthly reports in a timely manner, devoid of errors, and store the records professionally and avail them when needed. This takes off the huge workload off from your team to allow you focus on other aspects of the business. The worry of errors and late filing is also eliminated as our specialization is to ensure your accounting needs are met satisfactorily. With our team of professional accountants with extensive experience, you will have no worry as we handle your CIS returns accurately and timely. Call us now to learn more.