Contractor Industry Scheme (CIS)

SDP Bookkeeping is highly experienced in the Contractor Industry Scheme (CIS).  The scheme requires that contractors deduct money from payments to subcontractors and pass it to HMRC as advance payments towards tax and National Insurance.

It is compulsory that contractors register for the scheme. Subcontractors are not obliged to register, but deductions are taken from their payments at a higher rate if they choose not to.

SDP Bookkeeping can manage the whole process for contractors, including registration, calculating and making deductions from payments to subcontractors, completing CIS Returns and making the appropriate payments to HMRC.

If you are a subcontractor we can also help ensure you have not paid more tax than you should.  Depending upon your circumstances this can be done as a standalone service or as part of a self-assessment tax return.