As your construction accountant, I’ll walk you through the essential year-end procedures for CIS to ensure compliance and maximise tax efficiency.
Year-End Timeline
Key Dates
- 5 April: Tax year end
- 19 April: Final monthly return
- 31 January: Self-assessment deadline
- Company year-end varies
Critical Tasks
- Final returns submission
- Records reconciliation
- Statement verification
- Payment reconciliation
- Systems review
Year-End Checklist
Documentation Review
- CIS statements
- Payment records
- Verification details
- Monthly returns
- Dispute records
Financial Reconciliation
- Payment totals
- Deduction calculations
- Material costs
- Outstanding amounts
- Refund claims
Compliance Requirements
Contractor Obligations
- Complete returns
- Issue statements
- Reconcile payments
- Update records
- Review systems
Subcontractor Needs
- Collect statements
- Calculate deductions
- Prepare tax returns
- Plan refunds
- Review status
Best Practices
Preparation
- Early planning
- Regular updates
- System checks
- Staff training
- Professional advice
Implementation
- Systematic approach
- Clear timeline
- Regular reviews
- Documentation
- Quality checks
Common Year-End Issues
Record Problems
- Missing statements
- Incomplete records
- Calculation errors
- System failures
- Lost documents
Timing Issues
- Late submissions
- Delayed reconciliation
- Missing deadlines
- Processing delays
- System updates
Need More Help?
In our next post, we’ll cover “What is gross payment CIS“.
Stay compliant and profitable,
