All you want to do is visit site, do the work, get paid and maybe have a beer or two afterwards. But then the tax man throws loads more paper work at you! Never fear, Gaffney Accounting are here!
As a self-employed person registered for CIS, our 'normal' cost is £195 per tax return needed. Unless……. You are severely behind with HMRC and we need to 'un-pick' a couple of years or if your situation is unusual. In this case, everything can be sorted, so don't stay awake worrying about HMRC. Please talk to us on 0121 733 5807 or email firstname.lastname@example.org. We don’t bite!
HMRC is closing in on undeclared income…
Talk to Gaffney Accounting NOW and say goodbye to the sleepless nights! Let us help you get your accounts in order - it is better to do the right thing now, rather than wait for the knock on the door. We can give you the right advice and we can even speak to HMRC on your behalf.
Keeping the record straight!
We advise all sole traders to use either an expandable file or a lever arch file to keep all their paperwork together. Split everything into month order (Starting April and ending March). In each month the paperwork should consist of, Bank Statements, all expenses, all invoices or other income records, mobile phone statements, receipts for fuel or mileage records and ALL CIS dockets. Basically, put everything in and we will decide when the time comes if all or some of the documentation is relevant (meaning expenses).
Just £195 per tax return!
Understanding the CIS Scheme and Top Tips To Stay Safe!
If you get a contract governed by CIS you should register for the scheme as soon as possible (or come and talk to us and we can do it for you)
Your details need to be registered with HMRC: you will need to give the Contractor these details too as they may need to verify you and incorrect details could end up with you being deducted tax at the higher rate!
Remember your Mileage allowance! If you use your car for work you can claim an allowance on your tax return (check out our information on Business Mileage Rates)
There are two ways of getting paid under the scheme: gross or under deduction. Gross means you will get paid the full amount, but you will have to pay tax and NI later. You will have to qualify with HMRC to receive gross payments (talk to us). Payment under deduction is simpler: tax and NICs are deducted by the contractor, but you will still need to complete a self-assessment form at the end of the year
Subsistance and travel claimed count as pay too, so they will be liable to deductions on the amount you receive (but excluding VAT - the Contractor should make allowance for this)
GET A GOOD ACCOUNTANT! ‘Phone Gaffney Accounting today on 0121 733 5807