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CIS Return
CIS return is a return filed by the contractor to HMRC after making tax deductions from subcontractor’s payments. Under the construction industry scheme, it is mandatory for every contractor to file CIS returns before the 19th of each month.
It is important for the contractors to declare the right employment status of their sub-contractor on the monthly return. In case you declare wrong employment status for a sub-contractor, you may be liable to pay fines & penalties to HMRC. There is no need to file return for the month where the payments are not made to contractors but you have to inform HMRC that no return is due at our end.
Benefits of availing CIS Return Service
The benefits of availing CIS return service are as follows -
- Preparation & submission of CIS returns to HMRC every month
- Sub-contractor payment and deduction statements
- Subcontractor’s verification for contractors
- Reduce the risk of fines & penalties
- Registration as a contractor
- Registration as a sub-contractor
Why choose us?
The benefits of availing CIS return service are as follows -
- Experienced professionals
- Real-time accounting
- Avoid the risk of fines & penalties
- Saves your valuable time
- Secure document exchange
- Reduce your tax liability
How FinacBooks help in filing CIS returns?
FinacBooks is a leading UK portal providing accounting, finance & taxation services to freelancers, contractors, consultants and small businesses. We are having more than 10 years of experience helping contractors in offering CIS return service. We will guide you through the entire process of CIS return. To avail the best deals on CIS return, kindly call us at 03300886645 or you can also e-mail us at business@finacbooks.com.
CIS Monthly Returns FAQs
The expenses which I can claim on my CIS return are as follows –
- Fuel/Mileage cost
- Vehicles for work use
- Travel expenses
- Rail tickets
- Cleaning costs for uniforms
- Uniform, work clothing & tools
- Overnight expenses
- Professional fees, subscription and union fees.
If you will miss the filing deadline, you need to pay penalty on late CIS return. The chart for penalties on filing of late CIS return is given below –
| How late the return is | Penalty |
| 1 day late | £100 |
| 2 months late | £200 |
| 6 months late | £300 or 5% of CIS deductions on the return (Whichever is higher) |
| 12 months late | £300 or 5% of CIS deductions on the return (Whichever is higher) |
Note In case you submit CIS return later than the period mentioned above, you may have to pay an additional penalty of up to £3000 or 100% of the CIS deductions (whichever is higher)
