Registration & tax services for contractors & subcontractors
Whether you are a subcontractor or a contractor, understanding the rules and regulations can be complicated with failure to comply resulting in penalties and fines.
All workers in the construction industry have registration and tax obligations which need to be managed and validated annually.
Accountancy services for construction contractors
As a contractor we can help you comply with your legal obligations, calculate CIS deductions, issue subcontractor payment statements and manage your monthly and annual returns.
As a subcontractor we offer assistance with completing annual self assessments ensuring the correct level of tax is paid which often results in a tax rebate.
‘Gross payment’ status registration
If you currently receive payments after deductions we can look at the opportunities to register for ‘gross payment’ status.
This may improve your cash flow and is particularly helpful if you employ others.
Construction industry tax rebates
As a subcontractor in the building industry it is likely you are deducted tax from the contractors you work for.
At the end of each tax year after the costs of working as self employed are subtracted from your income it is more than likely you would of paid too much tax.
Typically a subcontractor earning £15,000 (before tax deductions) and incurring costs of £2,500 could be entitled to a rebate of around £1,500.
Even if you are not a subcontractor you still may be paying too much tax. This can typically happen if you have the wrong tax code, are employed as well as self employed or have company benefits such as a car, fuel allowance or use your own vehicle for company business.
If you think this could effect you contact us now to arrange for your free consultation.