One Two One Accounts have been my accountants now for over 9 years. They’re always responsive with both emails and calls. Their extensive knowledge of tax, vat and company related tasks are a huge asset, putting me straight on any accounting related questions I may have. Whether it be something pressing, or a discussion on a potential new direction for my business, the team is always happy to offer up their council and expertise, allowing me to focus on my day to day work knowing the other side of the business is in great shape
Supporting subcontractors with specialist CIS accounting
As a subcontractor or construction worker, you need to be aware of Construction Industry Scheme (CIS) tax.
CIS applies to subcontractors and contractors and operates on a deduction basis, where the contractor is responsible for deducting 20% of the subcontractor’s payment and sending it directly to HMRC.
It is important that both the contractor and subcontractor register for CIS before beginning work. By registering, the subcontractor can avoid higher deduction rates of 30%.
CIS tax can be withheld or suffered and tax refunds are often due. Subcontractors need to claim the tax they have suffered back or offset it against other liabilities.
At One Two One Accounts, we have supported hundreds of sole traders and North East subcontractors with CIS claims, helping to speed up the process and offering financial planning advice to ensure they only pay what they need.
