Best CIS Accountants London will assist you with CIS Accountancy and Tax Returns.
As per the Construction Industry Scheme (CIS), money is deducted by the contractors from a subcontractors payments, which is then submitted to HM Revenue and Customs (HMRC). The deductions will be taken as advance payments towards the National Insurance and subcontractors’ tax.
There are essentially the three rates for the subcontractors that usually fall in the range of 0%-30% subject to the category to which the subcontractor belongs. While CIS focusses on reducing the tax evasion in the construction industry the objective of the tax payer will always be the minimization of tax amounts as much as allowed legally. Tax calculation and especially CIS tax assessment is a tedious process and needs an expert handling, in order to ensure of not getting burdened with unexpectedly heavy taxation.