Accounting has a role in Construction Industry Scheme Subcontractors

by Benny Gala DNS Accountants

Construction Industry Scheme is set of rules for contractors how should make payment to subcontractors? CIS introduced to try and prevent the loss of revenue arise from the payment between contractors not properly accounted for tax purpose.

The purpose of CIS is very specific. This term comes for construction industry and contractors. The payment which made by construction to contractors and subcontractors is may be clear tax affairs on this revenue.

CIS Sub- Contractors:

CIS sub-contractors are carrying construction operations for contractors. It may be companies, self-employed person, public bodies or contractors.

Sub-contractors under CIS:

It has an own definition about term of contractors that if you are not think as a subcontractor yourself so you will treated as under CIS.

Under the rules of CIS, if you are working as subcontractors and you agree the work with contractor. You are responsible for everything. It doesn’t matter how do you work? You will be done it yourself. You can arrange other subcontractors for the requirement. Subcontractor can be company or self-employed.

Role of Accountants for Subcontractors:

Accounting have main role in any business and corporate field. In the scene of contractors and subcontractors accounting is performing an important role. It is necessary to hire accountants for and take advices time to time. An accountant can manage your account and expansions. Professional accountants can manage your all business prospects. They will review your business and prepare a report. You can analyze this report and can short list the issues and make proper way to get best revenue.

Accountants for CIS Contractors:

We discussed above about accountancy services for subcontractors. But in the case of CIS Contractors; it is very necessary that you need to hire accountants; because you need to make tax payment on your revenue according to CIS rules and guidelines. Professional accountants in Harrow can help you properly to manage your account.