At Thompson Wright, it’s our business to know your business.
With the support of our specialist team, we will help your business compete, grow and succeed within your industry.
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Front Runners
At Thompson Wright, we help businesses restructure and reform to significantly improve efficiency and cut costs to make your company more profitable.
Backed By The Best
We will support you through every business decision you make. Whether it’s business expansion, trading overseas, or corporate finance, we’ll be by your side, every step of the way.
Smart Solutions
We help businesses implement affordable and scalable cloud based software solutions throughout every area of their business.
We can help you comply with the Construction Industry Scheme (CIS)?
The CIS is a specialist accounting scheme for contractors and subcontractors working in the (you guessed it) construction industry.
Under the scheme, contractors are required to deduct tax from a subcontractor’s payments and pass it on to HM Revenue & Customs (HMRC). It was introduced after research revealed that some subcontractors were not declaring all of their tax liabilities.
While it does collect billions more in tax for the Treasury, the scheme can be an administrative headache for contractors and subcontractors alike, effectively adding an extra layer of accounting to every job.
Almost all construction work applies. For an exhaustive list of what does and doesn’t apply, please click here.
You must register as a contractor if you carry out construction work and pay subcontractors for construction work or spend an average of more than £1 million a year on construction in any three year period.
How does more time on your hands and less paperwork on your desk sound? Because that’s exactly what happens when you partner with Thompson Wright.
With years of experience working with contractors in the construction sector, we know what support you need. We’ll make sure you are always on top of your accounts and compliant with your duties, including taking care of your subcontractors’ tax payments.
Summary of services
- Comprehensive Construction Industry Scheme (CIS) support
- Self-assessment
- Tax planning
- Cloud accounting
- Business planning
- Corporate finance
- Pensions
- Wealth management
- HMRC investigations
- Compliance
Case Study
This client had fallen into a position of insolvent trading, running on a £300,000 overdraft. The Bank were threatening to close on them so we helped them negotiate and re-structure a debt forgiveness settlement.
The family have managed to keep their property business and hard-earned assets as a result.