VAT / CIS
Incorrect accounting for VAT is a common problem and can result in errors on your VAT account, incorrect payments to HMRC (HM Revenue and Customs) and possible fines, affecting your cash flow. As a client of BBK you can be sure that your VAT is being managed by experts.
The Construction Industry Scheme (CIS) sets out the rules for how we account for payments to subcontractors for construction work must be handled by contractors in the construction industry.
The scheme applies to contractors and subcontractors in mainstream construction work, other businesses or organisations whose core activity isn't construction but have a high costs on construction may also count as contractors and fall under the scheme.
The scheme requires that you account for sales and payments to/from contractors and deduct the correct tax, and submit monthly returns to HMRC