Contractor (CIS)

You are probably a Contractor if you:-

• Work within the construction industry, and therefore are required to be CIS registered.
• Need to complete CIS monthly returns
• Run your business for yourself and take responsibility for its success or failure
• Have several customers at the same time
• Can decide how, where and when you do your work
• Can hire other people at your own expense to help you or to do the work for you
• Provide the main items of equipment to do your work
• Are responsible for finishing any unsatisfactory work in your own time
• Charge an agreed fixed price for your work
• Sell goods or services to make a profit

What you are required to do:

• Register as self-employed with HM Revenue and Customs (HMRC) to make sure you pay the correct Income Tax and National Insurance
• Register as CIS contractors with HM Revenue and Customs (HMRC) to make sure you pay the correct construction scheme deductions
• Keep records of your business income and outgoings
• Complete yearly tax return
• Depending on your tax status you could be entitled to a tax rebate or you may have to pay your tax each year.

Price

Depending on the business size will depend if it is essential for your business to be VAT registered and a CIS contractor. Petra Accounting will help to make decision and give advise.

If you are a one man band trading with a couple of subbies then the completion of your tax return could be as cheap as a one off price of £200

If your business has a higher turnover and you require an online system to raise your PO’s and invoices, have access to online bank statements, required to submit monthly CIS returns, and quarterly VAT returns then the Standard price for this package is £70 per month.