Subcontractors Tax Return

Subcontractors Tax Return

Rather than employing staff, contractors in the construction industry often engage independent subcontractors to work on projects with them.

As these subcontractors are self-employed and are not employees of the contractor, they cannot make Income Tax and National Insurance contributions through schemes such as PAYE. Instead, HMRC uses the Construction Industry Scheme, CIS, to collect tax contributions from these subcontractors.

Under the scheme, contractors deduct money from the amount they pay a subcontractor and then pay that money to HMRC. This scheme is not applicable to company’s employees, as their taxes are deducted at source under the PAYE scheme.

CWI Accountants endeavours to make this daunting process easy for the subcontractors. We assist our clients to submit the correct tax return as well as resolve issues related to refunds due from HMRC. This complex procedure can be made smooth with professional assistance.

We take our clients stepwise through the process of tax legislation, to give them clarity on the exact amount that needs to be payed and claims of tax allowances which need to be put through.

Our services include the following:

  • Provide with accurate payment data and record keeping of deductions
  • Contractors monthly return (CIS 300) preparation and submission to HMRC
  • Contractor/Subcontractor registration and deregistration with HMRC
  • Verifying subcontractors for contractors
  • Payment and deduction statements

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