Payroll & CIS Contractors

Payroll & CIS

Most businesses will agree that managing the payroll and understanding the ever-changing legislation that affects this function of your business is frustrating and time consuming.  With the introduction of RTI (Real Time Information) and the legislation governing PAYE and NIC becoming ever more complex, it is possible that errors or omissions are made which could lead to further enquiries from other HMRC Departments or a full PAYE investigation. All errors discovered on PAYE Audit and Compliance visits are reported to the Inspector dealing with the taxation affairs of your business and that Inspector has the legislative authority to launch a full investigation into your own and your business tax affairs.

Whether you are a major employer or a small start-up, payroll can be a real challenge. Having a skilled and experience payroll accountant goes a long way to preventing many of the potential pitfalls. Payroll accountancy can cover many topics commonly found in business including general staff salaries, bonuses and benefits, overtime pay and coverage of expenses. These things combined can lead to payroll accounts becoming very complicated to manage and organise.

At TaxMatt Accountants we have all the skill and experience you need when it comes to managing your payroll. We look at all of the contributing factors making sure that salaries and related outgoings are correct and in line with expectations. Whatever the size of your organisation let us help you keep your payroll organised so you can focus on achieving your goals.

CIS Contractors

The Construction Industry Scheme (CIS) sets out the special tax rules for subcontractors who work in the construction industry and how payments must be handled by contractors.

  • Register you with HM Revenue & Customs (HMRC) as a contractor
  • Verify your subcontractors with HMRC
  • Ensure you pay your subcontractors correctly within the scheme
  • Supply deduction statements to the subcontractors
  • Keep your records in good order and supply HMRC with monthly returns

Make sure you do not incur penalties by failing to submit your monthly returns to HMRC. TaxMatt Accountants work with numerous contractors and are equipped to deal with your needs efficiently. By making sure we are always up to date with any changes to the CIS regulations we can notify our clients quickly of any changes that may affect them.

Contractors: As a contractor, you are required to meet specific obligations under the scheme, including registering with HMRC, checking whether your subcontractors are registered with HMRC, paying subcontractors, deducting tax and submitting monthly statements confirming these payments.

Sub-contractors: If you are a sub-contractor, your main obligation is to register with HMRC. You must also keep HMRC informed of any changes to your business such as changes to your business address, business name, business partners and other relevant information.

We look forward to hearing from you.