Worried About Filing Your CIS Returns Online? Don’t! It Just Became As Easy As 1, 2, 3?

Are you self-employed within the building or construction industry, but need help with completing your CIS returns online? Don’t worry, you’re not alone! Many of our clients confess that the thought of having to do their CIS returns online each month leaves them sweating more than a turkey before Christmas. Unfortunately, if you are self-employed and in that industry, then it’s just one of those things you have to do. Like spending time with your in-laws at Christmas (eating that sweaty turkey, presumably). But, while we can’t really help with the in-law thing, we can definitely help you stop sweating over successfully filing your CIS returns online. How? Well, at 123 Easy Books, our expert team not only provides the best bookkeeping Essex can offer but can also complete your CIS returns online for you. We literally make completing CIS returns online as easy as, well 1, 2, 3!

But before we continue, here is a quick recap for anyone still unsure of exactly what the Construction Industry Scheme (CIS), is.

What is the CIS?

CIS, which is an HMRC scheme, applies both to contractors, as well as anyone who works for a contractor within the construction industry who is NOT an employee, re on payroll. So basically anyone who is genuinely self-employed (subcontractor) and works in construction. The CIS applies to a lot more than what is typically perceived as ‘building work’, it also applies to those working in site clearing, demolition, decorating, repairs, and even the installation of power systems.

The rules of CIS basically mean that the contractor is obliged to withhold tax from the payments they make to the self-employed worker. This is usually 20% of the amount earned by the subcontractor, if they are considered ‘registered’, and 30% if they are not. Whilst any contractor who engages subcontractors must be registered under the CIS scheme, it is up to the subcontractor whether they register or not. As mentioned above, if you are a subcontractor who hasn’t registered with CIS you will lose 30% of your earnings, as opposed to 20%. So if you invoice a contractor for £1000, they will pay you either £800 if you are registered, or £700 if you are not. They will then send the remaining £200/£300 to HMRC, who will treat that payment as an advance toward the subcontractors’ income tax.

This is a broad overview as there are many variables that depend on a whole host of factors, such as materials used and many other things. Both subcontractors and contractors are obliged to send their CIS returns to HMRC each month, which is where the sweating can begin! And when you factor in it is possible to be both a contractor and a subcontractor at the same time, having to spend time with your in-laws at Christmas may seem like a dream compared to properly filing your CIS returns online.

How we can help…

This is where 123 Easy Books can help. Not only do we provide the best bookkeeping Essex has to offer, but we also excel at completing CIS returns online. All you need to do is keep a record of your figures and send them to us by the 19th of each month. That’s it. And because we offer the best bookkeeping Essex can offer we are used to making sense of books and returns, whatever mess they may be in!

Let 123 Easy Books complete your CIS returns online!

Our CIS returns online solutions are there to literally stop you from sweating about making a mistake and ending up with a huge tax bill at the end of the year. We promise to make your CIS returns as easy as 1, 2, 3. So take the stress of CIS returns out of your life by contacting our friendly team of bookkeeping and CIS experts today!

For more information on Worried About Filing Your CIS Returns Online? Don’t! It Just Became As Easy As 1, 2, 3? talk to 123 Easy Books