Cis Returns: How to Avoid Penalties!
Business owners who are struggling to keep up with their monthly CIS Returns should seriously consider outsourcing the task to a professional bookkeeping firm.
Penalties charged 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, fully trained and qualified staff waiting to take the job off time strapped hands.
Choose 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 at the right time so that the returns can be filed within the crucial two week window every month.
Some bookkeeping companies use specially designed summary sheets that are easy to follow, even for businesses that struggle with paperwork. Some make it even easier by allowing you to phone, fax, e-mail or post the necessary details over. Look for a company that promises to make the service as straightforward and flexible as possible for the small business owner.
Generally, a CIS service will include preparing statements of payments and deductions: something that any business using sub contractors is legally required to provide.
They will advise how much CIS tax needs to be paid to HM Revenue & Customs, and they may even combine the service with your payroll system. Whenever a new sub-contractor is taken on they will get them verified online or by telephone which is essential to ensure tax is deducted at the correct rate and penalties are avoided.
If you are a small to medium sized business without an in house accounts department and are struggling to cope with your CIS returns then find yourself a local bookkeeping company that can help you because in the long run you will save money, not to mention your precious time!