CIS Returns – How to Avoid Penalties
Business owners who are struggling to keep up with their monthly CIS Returns should seriously consider outsourcing your bookkeeping task to a professional company.
Penalties imposed for late or non-submission of CIS returns are high and can be easily avoided by handing over to an experienced company that has dedicated, well-trained and qualified staff waiting to take the job off time-strapped hands. There are various companies that provide cis and payroll services in London.
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You need to select a bookkeeper that promises to keep in touch with you throughout the month so that they can remind you to provide the details they need in a timely manner so that the return can be filed within two weeks of an important window every month.
Some bookkeeping companies use specially designed summary sheets that are easy to follow, even for businesses that are struggling with the document. Look for a company that promises to make the service as simple and flexible as possible for small business owners.
Generally, a CIS service will include the preparation of reports payments and deductions: something that every business using sub-contractors is legally required to provide.
They will advise how much CIS tax must be paid to HM Revenue & Customs, and they can even combine the service with your payroll system. Every time a new sub-contractor taken on them will get them verified online or by phone is important to ensure that the tax deducted at the correct rate and penalties avoided.