The Construction Industry Scheme (CIS)
The Construction Industry Scheme sets out how payments between contractors and subcontractors must be handled for tax in the construction sector.
- Contractors deduct money from subcontractors' payments and pass it to HMRC
- Subcontractors must be verified before payment
- Monthly returns are required, with penalties for lateness
- Gross payment status can improve a subcontractor's cash flow
How MMC helps: we handle CIS registration, verification, deductions and monthly returns for contractors, and make sure subcontractors recover what they're owed.
Charities and not-for-profit
Charities enjoy valuable tax advantages but face their own reporting and governance rules, and trustees carry real responsibilities.
- The right structure matters, from charitable trusts to charitable companies and CIOs
- Gift Aid can significantly increase the value of donations
- Restricted and unrestricted funds must be tracked separately
- Independent examination or audit may be required depending on size
Landlords and property income
Letting property brings its own tax rules — and several have changed in recent years, so it pays to keep current.
- Rental profit is taxable, after allowable expenses
- Tax relief for finance costs on residential lets is restricted
- Furnished holiday lets and commercial property follow different rules
- Digital record keeping is being extended to landlords — worth preparing for now
How MMC helps: we prepare landlords' accounts and returns, make sure the right expenses are claimed, and help you plan ahead for changes such as Making Tax Digital.
These factsheets are general guidance, not advice, and rates and thresholds change. For current figures see our tax rates & allowances page, and please contact us for advice tailored to your circumstances.
