Jamie is straight-talking and provides me and my business with everything I require. He asks me about elements of the business throughout the year and keeps me on track with not only my accounts but also business decisions.
One Two One has so many contacts in the business support world and they are always there for me to ask questions about ideal partners. More to the point, I know my accounts are all in hand and I believe that I pay only what is owed to HMRC.
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.
