CIS RETURN SERVICES Bolton, London
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Thank you very much for your professional accounting service! Special thanks to Jc and Asif, very kind, understandable and patient! They did my Self Assessment and CGT. Don’t hesitate to use Legend Financial accounting services, you wouldn’t regret it!
I am using their services from the last few years for my business accounts and i found them very professional. Great one-to-one care with no hidden/additional charges and prompt responses from the team whenever I have a question......I would definitely recommend Legend Financial to my all friends as they are simply brilliant.
I've had a query regarding my taxation. I queried in the Morning and within an hour received communication from Asif (Client Manager). I am very pleased with the response time and the advice I receive for my tax matters. I have been a client for 10 years and have always received an excellent service.
Amazing, reliable and very fast service. Legend financial reach out to you once a return is due and sorts out everything in a very fast manner. Their dedicated team members are always reachable on whatsapp and answer all queries right away. I would like to thank Beenish, Musa and other team members for their dedication. Highly recommend!!!
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CIS Returns Enquiries Answered in Details
FAQs for CIS Returns Services
If you are operating under the Construction Industry Scheme (CIS), you will need to submit CIS return in your first year of trading and subsequent years. Your tax return is typically due at the end of the tax year in April, and any owed tax bill should be paid by the following January.
When filling out your CIS return, include subcontractor payment receipts, showing who you have paid, the payment amounts, and deduction calculation. This ensures accurate tax payments, and you will use the same information you used for construction contract verification before starting the work.
The deductions are based on invoices paid up to the 5th of the month and are subsequently remitted to HMRC by the contractor by the 19th of that month. As a sole trader subcontractor, you can credit the tax paid to HMRC and subtract it from any tax or National Insurance contributions owed when you file CIS return.
VAT and CIS are not the same. When dealing with CIS-registered customers, they will pay you for your services, excluding VAT, and it is their responsibility to remit the VAT to HMRC. This means you do not need to pay VAT to HMRC for invoices issued to CIS-registered customers, as the obligation for VAT payment lies with the CIS-registered customer.
When you are a sole trader or part of a partnership, deductions suffered serve as payments toward the tax on your profits, whereas if you are a company, these deductions contribute to your company’s expenses.
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When it comes to tax, accounting, and business development services, we have paid our dues and really know our stuff. We get the job done promptly and efficiently, from accounts preparation to tax returns. Legend Financial takes pride in its cornerstone tax advisors. Only the best gets to work on your tax, accounting, and business affairs. We are all chartered accountants sharing the same mission—to help with your personal finances and your business to succeed.
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