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Using an accountant to help work out Construction Industry Scheme (CIS) obligations can be highly beneficial for several reasons: 1. Expertise in CIS Regulations: Accountants specialising in CIS have in-depth knowledge of the complex regulations governing the construction industry. They stay up-to-date with changes in legislation, ensuring that your business remains compliant with CIS requirements. 2. Accuracy in Calculations: CIS involves various calculations, including verifying subcontractors, deducting tax at the correct rate, and reporting payments to HMRC. Accountants are skilled in accurately calculating these figures, minimising errors that could result in penalties or fines. 3. Efficient Administration: Managing CIS obligations can be time-consuming, especially for construction businesses with numerous subcontractors. Accountants can streamline administrative tasks, such as registering for CIS, verifying subcontractors, and submitting monthly returns, freeing up your time to focus on core business activities. 4. Maximising Tax Efficiency: Accountants can help you navigate the complexities of CIS to ensure you're claiming all eligible deductions and allowances, thereby minimising your tax liability. They can also advise on tax planning strategies to optimise your financial position within the framework of CIS regulations. 5. Avoiding Penalties and Fines: Non-compliance with CIS regulations can result in severe penalties and fines from HMRC. Accountants help ensure that your business meets all CIS requirements, reducing the risk of costly penalties and safeguarding your financial interests. 6. Handling HMRC Correspondence: Dealing with HMRC can be daunting, especially if you're unfamiliar with CIS regulations. Accountants act as intermediaries between your business and HMRC, handling correspondence, queries, and investigations on your behalf, ensuring compliance and minimising disruption to your operations. 7. Professional Advice and Support: Accountants provide ongoing advice and support tailored to your business's specific needs. Whether you're facing challenges with CIS compliance, seeking guidance on subcontractor agreements, or planning for future growth, accountants offer valuable expertise and insight to help you navigate complex issues effectively. 8. Peace of Mind: By entrusting CIS compliance to a qualified accountant, you gain peace of mind knowing that your obligations are being managed professionally and accurately. This allows you to focus on running your construction business with confidence, knowing that your financial affairs are in capable hands. Overall, utilising the services of an accountant for CIS compliance ensures accuracy, efficiency, compliance, and peace of mind, enabling your construction business to operate smoothly and effectively within the framework of CIS regulations. Contact our team to find out more information… #accountant #accountancy #businessowner #business

Are you a contractor or subcontractor in the UK? Navigating the Construction Industry Scheme (CIS) can be complex and time-consuming. At Your Books Outsourcing, we’re here to simplify the process for you! 💼✅ What is the CIS Scheme? The CIS is a tax deduction scheme for construction workers. It requires contractors to deduct tax from payments made to subcontractors for construction work, which is then sent directly to HMRC. Whether you’re a small contractor or a larger business, ensuring CIS compliance is crucial to avoid penalties and maintain smooth business operations. Why Choose Your Books Outsourcing to Manage Your CIS? Expert Knowledge: Our team is fully equipped to handle all aspects of CIS, from registering your business to submitting monthly returns. Tailored Solutions: We understand every business is unique, which is why we provide personalized services to meet your specific needs. Avoid Penalties: With Your Books Outsourcing managing your books, you can rest easy knowing that your CIS obligations are fully met, helping you avoid costly fines. How We Can Help You: Registering as a contractor or subcontractor with HMRC. Processing your CIS returns, deductions, and payments. Ensuring compliance with the latest tax laws and regulations. Providing ongoing support to keep your records accurate and up-to-date. 📞 Let us take the stress out of your books! Get in touch with Your Books Outsourcing today and learn how we can handle your CIS needs so you can focus on growing your business. Contact us today – we’re here to help! 🌟 #CIS #ConstructionIndustryScheme #CISManagement #TaxCompliance #ConstructionAccountancy #YourBooksOutsourcing #Bookkeeping #UKContractors #ConstructionTax #ConstructionFinance #HMRC #YourBooks #UK #NZ #AUS #Yourbooksoutsourcing

🌟 Attention Construction Professionals! 🛠️ We know that managing the intricacies of the Construction Industry Scheme (CIS) can feel overwhelming. At Accounting Matters, we're here to support you every step of the way and ensure you stay compliant with HMRC requirements. 📋 Let’s break down the CIS criteria together: Registration: Both contractors and subcontractors must register with HMRC for the CIS. This ensures the right tax deductions are made, giving you peace of mind. Deductions: Contractors need to deduct money from subcontractor payments and pass it to HMRC. These deductions are advance payments towards the subcontractor's tax and National Insurance. Monthly Returns: Contractors have to file monthly returns detailing all payments made to subcontractors, including deductions. We know this can be time-consuming, but it's essential for compliance. Verification: Contractors must verify whether their subcontractors are registered with HMRC before making any payments. It's a crucial step in avoiding penalties. Record-Keeping: Keeping thorough records of all payments, deductions, and CIS statements is vital. It’s key for audits and maintaining compliance, and we can help you stay organized. 🔍 Feeling overwhelmed? We're here to help. Our team at Accounting Matters is dedicated to making the CIS process as smooth and stress-free as possible for you. 📞 Reach out to us today and let us take the burden off your shoulders, so you can focus on what you do best – building and creating. #AccountingMatters #ConstructionIndustry #CIS #HMRCCompliance #ConstructionFinance #BusinessSupport

🌟 Attention Construction Industry Professionals! 🛠️ In the world of construction, ensuring compliance with the Construction Industry Scheme (CIS) is crucial. One key aspect of CIS compliance is verifying your subcontractors before making any payments. 🔍 Why is verification so important? Correct Deductions: Verification helps determine the correct deduction rate for each subcontractor. Depending on their registration status, they may fall into one of three categories: 0% Deduction: For subcontractors with gross payment status. 20% Deduction: For registered subcontractors. 30% Deduction: For unregistered subcontractors. Avoid Penalties: Failing to verify subcontractors and making incorrect deductions can lead to penalties from HMRC. Verification ensures you comply with HMRC regulations and avoid costly mistakes. Smooth Operations: By verifying subcontractors beforehand, you ensure smoother financial operations and maintain good relationships with your subcontractors by handling payments correctly. Accurate Reporting: Verification helps maintain accurate records for your monthly CIS returns, making your financial reporting and audits much simpler. 👷 Need help with CIS verification? At Hammond & Co, we specialize in managing CIS compliance for construction businesses. Let us handle the verification process and ensure your payments are always accurate and compliant. 📞 Contact us today to learn more about how we can support your business and simplify your CIS responsibilities. https://lnkd.in/ecQ3i9Jm #HammmondandCo #ConstructionIndustry #CIS #HMRCCompliance #SubcontractorVerification #ConstructionFinance #BusinessSupport

There are special VAT reverse charge rules in place for certain building contractors and sub-contractors. These regulations, which came into effect on 1 March 2021, make the supply of most construction services between construction or building businesses subject to the domestic reverse charge. The reverse charge only applies to supplies of specified construction services provided to other businesses within the construction sector. #Construction #VATReverseCharge #VAT

🌟 Why Having an Accountant is Crucial for CIS Compliance 🛠️ In the construction industry, managing the Construction Industry Scheme (CIS) can be complex and time-consuming. That's where having a dedicated accountant comes in! At Hammond & Co, we’re here to lighten your load and ensure your business remains compliant. Here’s why an accountant is essential for CIS compliance: 📊 Expertise & Knowledge: Navigating the CIS can be tricky. Our experienced accountants stay up-to-date with HMRC regulations, ensuring you meet all the criteria without a hitch. 💼 Accurate Deductions: We help you make accurate deductions from subcontractor payments and submit them to HMRC, minimizing errors and avoiding costly penalties. 🗂️ Timely Monthly Returns: Filing monthly returns on time is crucial. We take care of this for you, so you can focus on running your business without worrying about deadlines. 🔍 Verification Process: We handle the verification of subcontractors with HMRC, ensuring compliance and saving you the hassle of dealing with administrative tasks. 📋 Thorough Record-Keeping: Keeping comprehensive records is essential for audits and compliance. We maintain detailed records of all payments, deductions, and CIS statements, giving you peace of mind. 👷 Focus on Your Craft: Let us handle the numbers so you can focus on what you do best – building and creating. With an accountant by your side, you can rest assured that your CIS obligations are in expert hands. 💬 Let’s Talk! At Hammond & Co, we're committed to supporting your business. Contact us today and discover how we can make CIS compliance straightforward and stress-free. #HammondandCo #ConstructionIndustry #CISCompliance #HMRC #ConstructionFinance #BusinessSupport #accountingdoesmatter https://lnkd.in/eHb4VkTa

Companies House Ltd Filing Dates 📔 First Year The Abridged or Full Accounts depending on the size of the Business are due within 21 months of the date of incorporation For example Incorporated 30/9/24 (Due 30/6/25) 🗓️ By default the company Year End is always the last day of the same month in the following year eg. Incorporating 30 September 2024 (Year End 30 September 2025) First Year but Shortening the year end If incorporate a company today 30 September 2024 but plan to have the Year End as 31 March 2025 rather than 30 September 2025 then the deadline is 9 months after the year end, which in this case would be due 31 December 2025 Year end 31 March 2025 (Due 31 December 2025) First Year but extending the Year End Please note the extending of the Year End can only occur once every 5 years The maximum period of any Ltd Co Accounts is only 18 months If Incorporate 30 September 2024 but extend the default Year End From 30 September 2025 to 31 December 2025 then please note the original due date of 30 June 2026 is still applicable (Due within 21 months of the original Incorporation Date) Trading Company (Not first Year) The Company Year End is 31 January 2024 (Due Date 31 October 2024) However, the company for whatever reason has planned to change the Year End and Extend to 31 July 2024 (Maximum period of Extension allowed) then Companies House give 9 months after the New Year End eg. 31 July 2024 (Due Date 30 April 2025) Please note that the filing dates for the Companies House are 👆 This does not mean to have the Accounts filed on the due date It is better to try and have the Accounts Drafted ✅ Finalised ✔️ Submitted ☑️ 🔜 after the Year End to require Better planning ☑️ Organising ✔️ Accurate reconciled balances to carry forward into the following year ✅ And a small rebate if pay Corporation Tax before the due date (Corporation Tax Deadline to be discussed in another post) If you require further advice and guidance Please contact Tel: 01212852534 Web: https://lnkd.in/dGpjEqM

Companies House Ltd Filing Dates 📔 First Year The Abridged or Full Accounts depending on the size of the Business are due within 21 months of the date of incorporation For example Incorporated 30/9/24 (Due 30/6/25) 🗓️ By default the company Year End is always the last day of the same month in the following year eg. Incorporating 30 September 2024 (Year End 30 September 2025) First Year but Shortening the year end If incorporate a company today 30 September 2024 but plan to have the Year End as 31 March 2025 rather than 30 September 2025 then the deadline is 9 months after the year end, which in this case would be due 31 December 2025 Year end 31 March 2025 (Due 31 December 2025) First Year but extending the Year End Please note the extending of the Year End can only occur once every 5 years The maximum period of any Ltd Co Accounts is only 18 months If Incorporate 30 September 2024 but extend the default Year End From 30 September 2025 to 31 December 2025 then please note the original due date of 30 June 2026 is still applicable (Due within 21 months of the original Incorporation Date) Trading Company (Not first Year) The Company Year End is 31 January 2024 (Due Date 31 October 2024) However, the company for whatever reason has planned to change the Year End and Extend to 31 July 2024 (Maximum period of Extension allowed) then Companies House give 9 months after the New Year End eg. 31 July 2024 (Due Date 30 April 2025) Please note that the filing dates for the Companies House are 👆 This does not mean to have the Accounts filed on the due date It is better to try and have the Accounts Drafted ✅ Finalised ✔️ Submitted ☑️ 🔜 after the Year End to require Better planning ☑️ Organising ✔️ Accurate reconciled balances to carry forward into the following year ✅ And a small rebate if pay Corporation Tax before the due date (Corporation Tax Deadline to be discussed in another post) If you require further advice and guidance Please contact Tel: 01212852534 Web: #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments #business #businessowner #SME #accountant #accountancy #director #soletrader #partnership #incorporation #taxadvice #Crypto

There are special VAT reverse charge rules in place for certain building contractors and sub-contractors. These regulations, which came into effect on 1 March 2021, make the supply of most construction services between construction or building businesses subject to the domestic reverse charge. The reverse charge only applies to supplies of specified construction services provided to other businesses within the construction sector. #Construction #VATReverseCharge #VAT

HMRC nudge letters There have been many past examples of letters which appear to seem like they are from HMRC in regards to Taxes or Nudge Letters to declare certain sources of income I would advise to - Contact your Accountant 👨💼 or Tax advisor immediately and forward any copies to them to review ✅ - If you deal with your own Tax Affairs and uncertain why you have received such letters then make contact with the relevant Tax Department ensuring it is genuine govt website contact eg. HMRc Self Assessment 03002003310 - If you have always been managing your own tax affairs and highly concerned with the correspondence received and the authenticity of it probably would be advisable to make contact with a specialist like an Accountant to review for you We can assist as a Qualified Firm 👨💼 Please note if any 💴 lost during such an event, there is no Guarantee that the bank 🏦 will help you retrieve it back Tel: 01212852534 Web: https://lnkd.in/ewYzdMs #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments #business #businessowner #SME #accountant #accountancy #director #soletrader #partnership #incorporation #taxadvice #Crypto