What CIS workers need to know and provide when working with their accountant
The Construction Industry Scheme (CIS) is a government scheme that is designed to reduce tax evasion in the construction industry. It applies to contractors and subcontractors who work on construction projects in the UK.
CIS workers can need an accountant for a number of reasons, including:
To help them register for CIS and understand the CIS rules
To calculate their CIS tax liability and other tax liabilities accurately
To prepare and submit their self-assessment tax return
To advise them on tax planning and other financial matters
What information do I need to provide my accountant for CIS?
Here is the information you need to provide your accountant for CIS:
Your CIS registration number
The names and addresses of all the contractors you worked for during the year
The total amount of money you received from each contractor
The amount of CIS tax that was deducted from your payments
Other useful information to provide your accountant
In addition to the above information, it is also helpful to provide your accountant with the following information:
A copy of your self-assessment tax return from the previous year
A copy of your CIS payment statements from the current year
Details of any other income you have received during the year, such as employment income or rental income
Details of any expenses you have incurred during the year, such as travel expenses or tool hire
How your accountant can help you
Your accountant can help you with a number of CIS-related tasks, including:
Registering you for CIS
Calculating your CIS tax liability and other tax liabilities
Preparing and submitting your self-assessment tax return
Advising you on tax planning and other financial matters
If you are a CIS worker, it is important to work with an accountant who has experience with CIS. An accountant can help you to ensure that your CIS tax liability is calculated correctly and that you are paying the correct amount of tax.
Keep good records of your income and expenditure. This will help your accountant to calculate your CIS tax liability and other tax liabilities accurately.
Make sure you understand the CIS rules. The rules can change from year to year, so it is important to check the latest information.
Review your CIS claim regularly. Your circumstances may change throughout the year, which could affect your CIS tax liability.
If you have any questions about CIS, you can contact the HMRC helpline or your accountant.