CIS Return
What us a CIS return?
It cannot be obvious to understand the requirements of CIS returns, so we are here to provide our knowledge and understanding to help manage this for you.
A CIS monthly return is a core element of the Government’s Construction Industry Scheme (CIS). The Government introduced CIS to reduce fraud and tax evasion levels in the construction industry and help sub-contractors spread their tax liabilities over the financial year. CIS requires contractors to withhold 20 or 30 percent of any payment due to a subcontractor and pay the deduction to HMRC via the CIS monthly return. CIS covers the following types of work when it is carried out by subcontractors:
- Alterations
- Building work
- Decorating
- Demolition or dismantling
- Installation of heating, lighting, power, water and ventilation
- Repairs
- Site preparation
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As a locally based accounting and taxation firm, KB Accounts & Taxation Services has a deep understanding of the local business landscape and regulations, enabling them to provide tailored services that fit each client's specific needs and requirements.
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KB Accounts & Taxation Services is committed to forming long-lasting relationships with clients, providing ongoing support beyond just yearly accounts and vat returns. We are so much more than just your standard accountants.
Karl did my accounts this year for the first time, and will continue doing them going forward, very efficient and is always on hand for advice, excellent service
Jamie Greenhalgh
What expenses can I claim for?
A key part of working with the Self Assessment system is understanding what expenses you can claim. This is an area where many people on Self Assessment miss out and end up paying too much tax. Examples of allowable expenses in construction include:
- Work travel costs.
- Essential tools and equipment.
- Materials you need for work.
- General costs of running your business, from stationery to advertising.
- Accountancy fees.
These are the essential business costs, and they count against the income you're being taxed on.
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At KB Accounts & Taxation Services, we're more than just accountants - we're your reliable partners in financial management.
Based in Leyland, Preston, we offer comprehensive accounts and taxation services to individuals, entrepreneurs, and businesses in Preston and its surrounding areas.