Hammond & Co Accountants’ Post

🌟 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

🔍 Can I Check if a Company is CIS Registered? 🔍 If you're a contractor in the Construction Industry Scheme (CIS), verifying whether a subcontractor is CIS-registered is essential for compliance. Here’s how you can check: • Verify through HMRC: If you're a CIS-registered contractor, you can easily verify a company or individual subcontractor’s registration via HMRC’s online services. • What You Need: You’ll need the subcontractor's UTR (Unique Taxpayer Reference) and their National Insurance or company registration number. • Get a CIS Verification Number: HMRC will confirm whether they’re registered and issue a CIS verification number for your records. • Apply Correct Deductions: Based on their CIS status, you’ll know whether to deduct 20% for registered subcontractors or 30% for unregistered ones. 💼 Peer Accountants can help with: • Verifying subcontractor registration on your behalf. • Ensuring you apply the correct tax deductions to avoid penalties. • Managing your CIS compliance so you can focus on your business. Still wondering, “Can I check if a company is CIS registered?” Let Peer Accountants handle the process for you! #CISCompliance #CISVerification #PeerAccountants #ConstructionIndustryScheme #TaxHelp https://bit.ly/3MvTij3

Are you CIS compliant? In yesterday’s post I talked about who needs to be CIS registered. So give that a read if you’re in construction and unsure if this applies to you. Today I’m sharing how to register for CIS. It’s nice and easy. 1. Gather the necessary information: - Unique Taxpayer Reference (UTR) - National Insurance Number (NI) - Business details (name, address, contact info, your auntie’s dog’s name etc.) - Verification of subcontractors (if applicable) 2. Register Online: - Visit the HMRC website and sign in (you’ll need a Government Gateway account for this) - Find the Construction Industry Scheme section and access the registration form. - Provide the required information and submit your application. 3. Verify Subcontractors: - If you plan to hire subcontractors, you'll need to verify their CIS status with HMRC. This ensures you deduct the correct amount of tax from their payments. If you still need a bit of help you can always contact HMRC. Don’t fancy that? My diary is always open, drop me a message to book in some time or use the calendly link below: 🔗 https://lnkd.in/e-egznEE #CIS #registration #construction #tax

🌟 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

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

If you’re a registered contractor of the Construction Industry Scheme, it’s important to manage your subcontractor invoices correctly. If you don't, it can be costly in more ways than one 😳 👉 What is the Construction Industry Scheme (CIS)? Under the Construction Industry Scheme, contractors deduct money from subcontractors’ payments and send it to HMRC. This acts as an advance towards the subcontractors' tax and National Insurance. 👉 How Does CIS Work? When a subcontractor invoices you, you deduct the CIS amount from their payment and pay the remainder. The deducted funds are reported to HMRC monthly. 👉 Who Needs to Register for CIS? If you hire subcontractors, you must register with HMRC for CIS. You’ll need to deduct the appropriate amount from payments and send it to HMRC. 👉 Is CIS Mandatory? Yes, CIS is mandatory. Late CIS returns incur penalties starting at £100, rising to £200 the next month, and even higher if delays continue. If it sounds overwhelming - don't worry, we can help with this! Get in touch here... 📞 0330 912 1828 📧 info@tradermate.co.uk 🌐 https://bit.ly/4aLE6c5 #tradermate #constructionindustryscheme #bookkeeper

Did you know there are serious implications of not being registered for CIS? The type of implications where you and I would need to have a tough and difficult conversation. Even with my normal record and charm, its not something I can help mitigate the penalties for you if you are not registered. Time for a harsh truth! 😳 But first… the basics about CIS… The Construction Industry Scheme (CIS) is a UK tax initiative where contractors withhold money from subcontractor payments as advance tax and National Insurance contributions to HMRC. Which rules must you follow when registering? You must register for CIS before you take on your first subcontractor.   You must check if you should employ the person instead of subcontracting the work. You may get a penalty if they should be an employee instead. (And the revenue will do spot checks on this) Check with HMRC that your subcontractors are registered with CIS. What are the implications of failing to register? Subcontractors face higher tax deductions (30% vs. standard rates). Risk of penalties and fines from HMRC for non-compliance. Cash flow challenges for subcontractors due to higher deductions. Increased likelihood of HMRC investigations. Potential loss of business for subcontractors from contractors adhering to CIS rules. Don’t fall victim to these. Need more advice on CIS? Let’s have a chat: https://lnkd.in/eFpT3Cdw  📞 Call me on 01617 985789 🔗 Book a meeting at https://lnkd.in/e-egznEE 💻 Or visit my website at www.cloudaccountancyuk.com  #CIS #ConstructionIndustryScheme #ConstructionAccountant

🏗️💼 Curious about Construction Industry Scheme (CIS) and its impact on your business?   Our expert Des Sudworth brings clarity to the table. From HMRC registrations to VAT implications, we've covered the need-to-knows below ⬇️   #Construction #ComplianceExpert #HMRC #VAT 

🌟 Attention Construction Professionals! 🛠️ We know that managing the intricacies of the Construction Industry Scheme (CIS) can feel overwhelming. At Hammond & Co, 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 organised. 🔍 Feeling overwhelmed? We're here to help. Our team at Hammond & Co 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. #HammondandCo #ConstructionIndustry #CIS #HMRCCompliance #ConstructionFinance #BusinessSupport

Are you aware of changes in the Construction Industry Scheme (CIS) starting in April? As accountants specialising in the construction industry, we help you navigate CIS changes for your construction business. From 6th April 2024, the CIS reform includes: • If you fail to meet your VAT obligations, you could immediately lose your Gross Payment Status privileges. • Once you gain Gross Payment Status (GPS), the first review will be after six months. •Payments from landlords to tenants for construction work agreed upon through lease agreements will be exempt from the CIS Regulations. We assist our customers in ensuring compliance with the CIS. One of Our customers, a limited company, was unsure about its obligations and worried about potential penalties. We explained to our customer what must be done to be compliant under the CIS Scheme regime. One of the main problems was how to register as a Contractor and what percentage of CIS tax to deduct from a subcontractor. As our customer was already registered for PAYE, we added a CIS Contactor scheme under the existing registration, which is key to not messing up with the future administration of CIS taxes. Then, how much CIS Tax must you deduct? Again, we informed our customers that they would deduct 0%, 20%, or 30%, depending on the verification status. No payment can be made before verifying a sub-contractor. We also implemented a digital record-keeping system and ensured compliance with all CIS regulations. If you find CIS confusing, we are here to help you understand and are fully compliant. Please reach out to us today to talk about this further. #ConstructionIndustry #Xero #CIS