Accountants for construction businesses in Lanarkshire
From sole trader joiners and electricians to building contractors, construction businesses face rules no other sector does: CIS, the VAT domestic reverse charge and tight cash flow. Construction is one of the sectors we have experience of.
How we help construction businesses
The Construction Industry Scheme (CIS)
Contractors must register for CIS, check each subcontractor with HMRC, deduct tax from their payments where required and file a CIS return by the 19th of every month. We can run your CIS returns alongside your payroll.
Subcontractors usually have 20% deducted from their pay if registered, or 30% if not. If you're self-employed, these deductions count towards your tax and National Insurance, and any overpayment can be refunded through your Self Assessment tax return. Subcontractors who meet HMRC's tests can apply for gross payment status, so no deductions are taken. We can tell you whether you qualify.
The VAT domestic reverse charge
Since 1 March 2021, many building services supplied between VAT-registered businesses in the CIS are covered by the domestic reverse charge, so the customer accounts for the VAT rather than the supplier. It changes how you invoice and how your VAT returns look. We'll make sure you get it right. See VAT.
Vans, tools and equipment
You may be able to claim capital allowances on vans, tools and equipment you buy for the business, reducing your tax bill. We'll make sure you claim what you're entitled to.
Questions and answers
I'm a CIS subcontractor. Can I get my deductions back?
Often, yes. If you're self-employed, CIS deductions count towards your tax and National Insurance bill for the year, and where too much has been taken you can get a refund through your Self Assessment tax return. If you trade through a limited company, the deductions can be set against the company's PAYE bill.
When do CIS returns need to be filed?
Contractors must file a CIS return by the 19th of each month, covering payments made to subcontractors in the tax month ending on the 5th.
Related services
- Payroll and CIS
Payslips, RTI, pensions, statutory pay and CIS returns.
- VAT returns
VAT registration, returns, schemes and Making Tax Digital.
- Self Assessment tax returns
Your tax return completed, filed and explained.
- Accounts and compliance
Year-end accounts, company secretarial work and Companies House filings.
Book your free initial consultation
Tell us about your business and what you need. Great things come from small beginnings, and the first conversation costs nothing.