CIS Accountant Norfolk

Are you a Norfolk subcontractor paying too much tax under the Construction Industry Scheme? Our specialist team is dedicated to securing your maximum CIS tax refund quickly and efficiently. We know that waiting for your money back can impact your cash flow, which is why we streamline the entire process, turning those tax deductions into a positive return for your business.

1

Preparation & Verification: We collect all necessary documents, including your P60, P45, and records of your CIS deductions. We then verify your records against HMRC to ensure accuracy and compliance.

2

Specialist Calculation & Filing: Our CIS accountants in Norfolk accurately calculate your total income, allowable expenses, and the final refund amount. We then file your self-assessment tax return directly with HMRC, leveraging our in-depth knowledge of the scheme.

3

Fast Track Payout: We liaise with HMRC on your behalf, tracking the claim from submission to payout. Our streamlined systems are designed to fast-track your CIS refund, often resulting in money back sooner than if you filed alone.

1. Claim Every Allowable Expense: We ensure you claim 100% of your legitimate business costs, from vehicle running costs and tools to professional training and home office expenses, thereby maximising your CIS tax rebate.

2. Preventing HMRC Enquiries: Incorrect expense claims can trigger costly HMRC enquiries. Our specialist knowledge ensures your claims are accurate, robust, and fully compliant, safeguarding your business.

3. Dealing with Complex CIS: Whether you are a limited company seeking a repayment or a sole trader claiming a refund, we handle the complexities of the scheme, so you don’t have to worry.

Get Your CIS Tax Refund Today! Call us now on 01842 646441 for a FREE, no-obligation CIS Tax Refund assessment.

The Construction Industry Scheme (CIS) is a set of rules by HMRC governing payments made by contractors to subcontractors in the construction industry. It aims to ensure that subcontractors pay the correct amount of tax.

Does it apply to you?

It doesn’t matter if you are a sole trader, a partnership, or registered as a limited company. You must register for the CIS scheme with HMRC if you are a contractor who pays subcontractors for construction work. Subcontractors who carry out construction work should also register, even if they’re self-employed. Even though subcontractors don’t need to register, not registering will result in higher deduction rates.

The HMRC website states that you must register as a contractor if:

• you pay subcontractors to do construction work
• your business does not do construction work but you have spent more than £3 million on construction in the 12 months since you made your first payment

What is a contractor?

A contractor is a business that pays subcontractors to carry out construction work.

What is a subcontractor?

A subcontractor is a business that carries out construction work for a contractor. Subcontractors are often skilled tradespeople who carry out specific aspects of the project, e.g. electricians, plumbers, under the direction of the contractor.

You may even find that your business comes under both brackets, you subcontract your services as well as employ the services of others. This is why so many businesses turn to an accountant and CIS accounting software to assist with CIS invoices and deduction statements.

What are your obligations under CIS as a contractor?

Worthwhile Accountancy offers a complete range of CIS accounting services designed to support contractors and subcontractors throughout Norfolk. Our services are tailored to streamline your financial operations, ensure compliance, and maximise your profitability.

Whether you’re a large contractor or a self-employed subcontractor, our CIS accountants in Norfolk have the expertise to meet your specific needs. We serve the wider East Anglia Region, including Suffolk.

Our Norfolk CIS accountancy services include:

When a contractor makes payments to a subcontractor under the Construction Industry Scheme (CIS), they must make deductions from those payments. These deductions are then passed on to HMRC as advance payments towards the subcontractor’s tax liability.

The three different CIS deduction rates are:

• Standard Rate (20%): The standard rate applies to subcontractors who are registered with HMRC for CIS but are not registered for Gross Payment Status. This means 20% of the payment (excluding materials) is deducted.
• Higher Rate (30%): The higher rate is applied when a subcontractor is not registered with HMRC for CIS. In this case, 30% of the payment (excluding materials) is deducted.
• Gross Payment Rate (0%): Subcontractors with Gross Payment Status receive payments without any deductions. This status is granted by HMRC to subcontractors who meet certain criteria.

It’s crucial for contractors to apply the correct deduction rate to avoid penalties. We can help you verify subcontractors’ CIS status and ensure accurate deductions.

Securing Gross Payment Status is the single most effective way to improve your construction business’s cash flow. At Worthwhile Accountancy, we don’t just advise, we handle the entire application process and provide ongoing compliance checks to ensure you meet HMRC’s stringent annual review requirements. Don’t leave cash on the table, instead let us manage your GPS application.

To obtain Gross Payment Status, subcontractors must meet certain criteria set by HMRC, including:

• Tax Compliance: Subcontractors must have a good tax payment record.
• Business Tests: They must pass certain business tests, such as having a bank account and appropriate insurance.
• Turnover Test: They must meet a turnover test, which varies depending on whether they are a sole trader, a partnership, or a limited company.

GPS Service Offerings (Under the Criteria):

• Application Management: We manage the entire GPS application on your behalf, liaising directly with HMRC to ensure all criteria, including the turnover and compliance tests, are met.
• Annual Review Check: We conduct quarterly checks to ensure your tax affairs remain impeccable and safeguard your GPS during the mandatory annual review.
• Proactive Advice: We advise on business structure changes required to meet the crucial turnover thresholds for partners or directors

The turnover test excludes VAT and materials. It is as follows:

• £30,000 or more for sole traders
• £30,000 for each partner in a partnership or a minimum of £100,000 for the whole partnership
• £30,000 for each individual director of the company, or a minimum of £100,000 for the entire company

Additionally, if your company is ‘controlled by 5 people or fewer’, your company must have an annual turnover of at least £30,000 for each of them.

Worthwhile Accountancy is a trusted provider of expert CIS accounting services, specifically tailored to meet the unique needs of construction businesses in Norfolk and those in the extended areas of East Anglia, such as Suffolk. We understand your challenges, from managing complex CIS regulations to ensuring accurate CIS deductions and timely CIS Returns Services.

Mitigating Risk and Ensuring You Get Full Credit

We protect you from potential risks, such as a main contractor failing to pay over your deducted tax to HMRC. We maintain rigorous records and provide you with irrefutable proof of deduction, ensuring you always receive the full tax credit you are owed and avoiding unexpected joint liability.

With Worthwhile Accountancy, you gain a dedicated partner committed to the financial success of your construction business.