Karan Singh’s Post

🚧 Stay Audit-Ready: Tips for Construction Businesses Facing HMRC Inquiries 🚧 Hello Construction Leaders! Navigating HMRC inquiries and audits can be daunting, but being well-prepared can make the process smoother and less stressful. Here are quick tips to ensure your construction business stands firm during scrutiny: Keep Detailed Records: Maintain thorough and organized records of all transactions, especially those under CIS and VAT, to quickly address any questions from HMRC. Understand Your Obligations: Stay updated on CIS and VAT regulations to ensure all filings are accurate and compliant. Seek Expert Advice: Don’t wait for an audit to consult with a tax expert. Regular reviews with an accountant can help identify and rectify discrepancies in advance. Regular Training: Ensure that your team understands the compliance requirements and knows how to maintain proper documentation. Being proactive not only helps in handling HMRC audits more effectively but also reinforces the credibility and reliability of your business. 🔄 Feel free to repost this to increase our collective reach and keep our community informed! 👉 Follow YRF Associates - Chartered Accountants and Business Advisors ass for more updates and insights into making your construction business more robust and audit-ready. #ConstructionIndustry #HMRC #TaxCompliance #AuditPreparation #UKConstruction

🚧 Stay Audit-Ready: Tips for Construction Businesses Facing HMRC Inquiries 🚧 Hello Construction Leaders! Navigating HMRC inquiries and audits can be daunting, but being well-prepared can make the process smoother and less stressful. Here are quick tips to ensure your construction business stands firm during scrutiny: Keep Detailed Records: Maintain thorough and organized records of all transactions, especially those under CIS and VAT, to quickly address any questions from HMRC. Understand Your Obligations: Stay updated on CIS and VAT regulations to ensure all filings are accurate and compliant. Seek Expert Advice: Don’t wait for an audit to consult with a tax expert. Regular reviews with an accountant can help identify and rectify discrepancies in advance. Regular Training: Ensure that your team understands the compliance requirements and knows how to maintain proper documentation. Being proactive not only helps in handling HMRC audits more effectively but also reinforces the credibility and reliability of your business. 🔄 Feel free to repost this to increase our collective reach and keep our community informed! 👉 Follow Yasir Faraz ACCA, AFA for more updates and insights into making your construction business more robust and audit-ready. #ConstructionIndustry #HMRC #TaxCompliance #AuditPreparation #UKConstruction

🌟 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 the new changes for the Construction Industry Scheme (CIS)? As of 6th April there were some changes that you need to be aware of. Gross Payment Status is critical for companies working in construction, with the loss of this having potentially drastic impact on cash flows if removed. You need to be aware of this, not only for your own status but also for that of your subcontractors. So, what’s changed? VAT has now been brought into the compliance test for obtaining and retaining Gross Payment Status, this means when applying HMRC will look at whether you have filed all relevant returns on time, and made tax payments by their due date. Gross Payment Status will also be reviewed at 6 months post issuing to ensure you have remained compliant with tax filings and payments. Any non compliance could result in the removal of Gross Payment Status. HMRC should notify you if your subcontractor status has changed, so you can ensure relevant deductions are made. You will need to ensure your subcontractor is detailing out their split of labour and materials accurately, which they may not be used to doing. . So what? How would your subcontractor cope with loss of 20% of their cash flow? Could that impact their ability to fulfil their obligations on your contract? Are you affairs in order regarding tax filings and payments? If not we can help you! Finance with Flow are experts in the Construction industry along with the many and varied regulations, ensuring that you remain compliant. Contact us today to discuss your financial needs further. ☎️ 01206 326610 📧 undercontrol@financewithflow.com https://lnkd.in/gV8upBGU #outsourcedfinance #outsourcedfinancedepartment #financewithflow #financialsuccess #hmrc #CIS #constructionindustryscheme #staycompliantt

🌟 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

🏗️ Navigating the Construction Industry Scheme (CIS) with SMH Sheards Accountants 🛠️ Contractors and subcontractors in the construction sector, are you up-to-date with the CIS regulations? Managing your CIS responsibilities is crucial for compliance and optimising your tax benefits. Our blog post provides essential insights into the Construction Industry Scheme, helping you understand deductions, payments, and how to stay compliant. Check out the details and ensure your business is on solid ground here https://buff.ly/4e8kIYb Contact us here if you'd like to discuss this further https://buff.ly/4e2HmRA #ConstructionIndustry #CIS #TaxCompliance #SMHSheards

Are you in the UK construction sector and sometimes get overwhelmed by the complexities of the 𝗖𝗼𝗻𝘀𝘁𝗿𝘂𝗰𝘁𝗶𝗼𝗻 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗦𝗰𝗵𝗲𝗺𝗲 (𝗖𝗜𝗦)? You're not alone. 𝗖𝗜𝗦 is an HMRC initiative that applies to contractors, subcontractors and any organisation with a high annual spend on construction. Under CIS, contractors deduct money from a subcontractor's payments and pass it to HMRC. These deductions count as advance payments towards the subcontractor's tax and National Insurance. But how does it impact subcontractors? The main impact is on cash flow, as deductions are made at source and can be as high as 30%. It makes financial planning essential for subcontractors, as they need to manage their cash flow and budget effectively to remain profitable. It's not always easy, but with the right knowledge and support, you can make 𝗖𝗜𝗦 work for you. One of the key things to remember is to register for 𝗖𝗜𝗦 - it lowers the deduction rate to 20%. If you don't register, you're liable for a 30% deduction. And if you're a limited company, it's even more essential to register as you can offset the deductions against other tax liabilities. Understanding 𝗖𝗜𝗦 and its implications can be the difference between success and struggle in the construction industry. And as always, professional advice can be invaluable. Do you think the Construction Industry Scheme is beneficial for subcontractors? #ConstructionIndustryScheme #CIS #UKConstruction #Subcontractors ♻️ 𝗦𝗵𝗮𝗿𝗲 𝘄𝗶𝘁𝗵 𝘆𝗼𝘂𝗿 𝘁𝗲𝗮𝗺! ➡️ 𝗪𝗵𝗮𝘁'𝘀 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝘁𝗼𝗽𝗶𝗰 𝘆𝗼𝘂'𝗱 𝗹𝗶𝗸𝗲 𝘂𝘀 𝘁𝗼 𝗰𝗼𝘃𝗲𝗿? 𝗖𝗼𝗺𝗺𝗲𝗻𝘁! 👍𝗘𝘅𝗽𝗮𝗻𝗱 𝘆𝗼𝘂𝗿 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗻𝗲𝘁𝘄𝗼𝗿𝗸 𝗯𝘆 𝗳𝗼𝗹𝗹𝗼𝘄𝗶𝗻𝗴 𝘂𝘀!

The Construction Industry Scheme (CIS) establishes specific rules for tax and National Insurance (NI) for professionals in the construction sector. 👷♂️ This applies to businesses classified as ‘contractors’ and ‘subcontractors,’ which can include companies, partnerships, or self-employed individuals. To learn more, please read our latest blog: https://lnkd.in/eytPRpf2

Following on from our blog of 23 May 2023 regarding a consultation into the possible reform of the Construction Industry Scheme (CIS) HMRC have announced that from 6 April 2024 there will indeed be changes made:- #constructionindustry #cis #gps #landlords #subcontractors

🚧 Important CIS Updates for the UK Construction Industry 🚧 Hello, Construction Professionals! As we navigate through ongoing changes in the industry, it's crucial to stay informed about the latest updates to the Construction Industry Scheme (CIS). Keeping up-to-date ensures your business remains compliant and avoids unnecessary penalties. What's New in CIS? - Verification Process: The HMRC has updated the verification process for subcontractors. It's essential to ensure that your subcontractors are correctly verified to avoid any disruptions in your payment processes. - Tax Deduction Accuracy: Ensure that you are deducting the correct amount of tax from your subcontractors. Mistakes can lead to penalties, and with the recent tightening of regulations, accuracy is more critical than ever. - Digital Submission Ease: HMRC is encouraging digital submissions for CIS returns. This move not only streamlines the administrative process but also reduces errors associated with manual entries. Why Does It Matter? Staying compliant not only keeps the taxman at bay but also enhances your reputation as a reliable and conscientious business partner. Remember, compliance is key in maintaining smooth operations and fostering trust in your business relationships. Need Help? If you're unsure about the latest CIS requirements or need assistance with your compliance strategies, our team is here to help. We specialize in construction accounting and can guide you through these updates with ease. Let's ensure your business continues to build on a solid foundation! For more information or to schedule a consultation, feel free to contact us. www.yrfaccountants.com info@yrfaccountants.com 01204 938696 #ConstructionIndustry #CISUpdates #TaxCompliance #UKConstruction #AccountingTips