Accounting can be particularly difficult if you're in the construction industry or a contractor. Being paid by lots of different people can complicate matters when it comes to keeping records of your transactions. It's easy to make mistakes or to forget a transaction or two. But even the most insignificant error can be picked up by HMRC.

Penalties from HMRC can have a huge negative impact on your business. Any fine is unwanted and an inconvenience, but the larger ones may put you at risk of losing your livelihood. Making sure that you're compliant with all current tax legislation can be a headache. It can eat into valuable time you could spend working. Even if you do manage to work out how to get your tax return away without any repercussions, you could be paying more than you have to.

Accountants for Contractors in Carlisle, Cumbria

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Construction Industry Scheme

If you're a contractor or run a construction company, you'll also have the Construction Industry Scheme (CIS) to contend with. CIS is a scheme designed by HMRC to cut down on tax evasion within the construction industry. The scheme applies to contractors and subcontractors. If your business is involved in construction, then you may have to register with HMRC under CIS. Even if your business is not strictly construction, CIS may still apply to you. Property developers, local authorities, housing associations and more may have to comply with CIS.

At MoynanSmith Chartered Accountants and Tax Advisers, we provide the best accounting services for contractors and those in the construction industry. We know all there is to know about tax legislation, and keep up to date as it changes. This lets us make sure that you never get in trouble with the taxman, and never have to pay any fines. Find it difficult to keep track of what you're being paid? Not anymore, we'll give you the best accounting software to make bookkeeping easy. You'll also save money by using us, we'll identify opportunities for you to pay less tax. You'll never have to worry about being CIS compliant ever again, we'll take care of that for you.

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