We all know that the construction industry is going through one of its most challenging times.
We have been advising clients in the construction sector for over 15 years so we understand this and appreciate that you need knowledgeable, proactive advice. We offer advice on taxation, audit and strategic direction.
We provide a broad spectrum of services including guidance on; business structuring, CIS and employment status matters, VAT, SDLT, capital allowances, business recovery and re-organisation, corporate finance, project finance and risk management.
Construction Industry Scheme (CIS)
We can provide advice and assistance on:
- Verifying new sub-contractors with HMRC
- Making the correct deduction from sub-contractor’s pay
- Paying over deductions to HMRC and submitting monthly returns
- Providing deduction statements to sub-contractors
- Keeping appropriate records
Compliance failures:
- Failure to verify correct deduction rate – underpaid tax plus penalties and interest
- Failure to submit monthly return on time – at least £100 per return per month
- Failure to provide a deduction statement – fine up to £3,000
- Missing records – fine up to £3,000
Other compliance failures leading to loss of Gross Payment Status:
- Late submission of monthly CIS return
- Late payment of CIS/PAYE
- Late payment of corporation tax
- Late submission of corporation tax return
- Late payment of directors’/proprietors’ personal income tax