YRF Associates - Chartered Accountants and Business Advisors’ 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 Yasir Faraz ACCA, AFA for more updates and insights into making your construction business more robust and audit-ready. #ConstructionIndustry #HMRC #TaxCompliance #AuditPreparation #UKConstruction

Exciting News: Certified in Understanding the Construction Industry Scheme (CIS)! I'm thrilled to share that I've just completed a certification course on the Construction Industry Scheme (CIS) from Alison! This course has deepened my understanding of the essential processes and compliance requirements governing payments between construction contractors, subcontractors, and employees in the UK. Key takeaways: 🔹 Gained insights into tax requirements and how contractors must make deductions from payments for subcontractors’ tax. 🔹 Learned about subcontractors' registration and verification process as required by HMRC. 🔹 Discovered how maintaining records in line with the CIS can lead to exemptions on VAT and other deductions. This knowledge is vital for anyone involved in the UK construction sector, ensuring that we stay compliant and efficient in managing contractor-subcontractor relationships. Looking forward to applying this knowledge in future projects and continuing to grow in the industry! One more step closure to #FromIndianGAAP2UKGAAP #ConstructionIndustryScheme #CIS #Certification #TaxCompliance #Construction #ProfessionalDevelopment #UKConstruction #Alison

🌟 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 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

🚧 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

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 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 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

For those working in the construction industry, the compliance requirements of the Construction Industry Scheme (CIS) must be followed. Under the scheme contractors deduct money from the subcontractor and pay this to HMRC. These deductions count as payment in advance toward their tax and National Insurance contribution. Contractors must register for CIS, subcontractors who do not register with the scheme will have their deductions taken at the higher rate of 30%. You can get more information about the scheme here https://lnkd.in/ef7_7KR8 I am always happy to hear from business owners, directors and entrepreneurs who need help with accounting, tax or business advisory service. Let me know if you need help with the CIS scheme. #cis #subcontractor #constructionindustry #smallbusinessuk #contractor

Excited to attend the AICPA & CIMA Construction & Real Estate Conference! Looking forward to diving into the latest in accounting, assurance, and tax for the real estate industry. #AICPA #CIMA #Construction #RealEstate #Accounting #Tax #Assurance