CIS

Dee42Dee42 Registered Posts: 9
I just got my first official client whom is due to employ subcontractors next week for a project.

Is this the right process for setting him up?
- registering him for cis
- registering him for vat
- sending of form 64-8
- sending off FBI2
I was of the impression that I could seek online authorisation once I set him up for CIS and VAT without 64_8
Thanks and hoping for a swift response

Comments

  • Dee42Dee42 Registered Posts: 9
    Also how much is reasonable for 3 subcontractors and two employed staff? Someone said to me £50 per month. I feel it's very low
  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,427
    1 - What services are you actually providing?
    2 - Is the client self-employed or a limited company?

    Once we have this info we can answer things better for you.
    Regards,

    Burg
  • Dee42Dee42 Registered Posts: 9
    It's a start up limited company (Construction) and I am taking care of the accounts from bookkeeping to preparing the accounts.

    Services Required
    bookkeeping, CIS registration and administration, VAT registration and administration and accounts preparation.

  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,427
    OK awesome,

    So things to do:-

    1 - CIS registration
    2 - VAT registration
    3 - 64-8 or online authorisation for CIS, VAT and CT

    As for fees well that depends but not £50 per month.

    As a guide our fees would be (assuming turnover less than £250k)

    Silver package (Accs, Corp Tax, Bookkeeping (bank rec using Xero), Personal tax returns) = £199 per month
    CIS returns for 3 staff = £15 per month
    2 staff (unless directors) = £15 per month

    If we were running a purchase ledger for them for trade suppliers on top then my guess would be this would be approx 50 invoices per month so = £90 per month

    We don't do bookkeeping at all if it is heavily cash based or boxes of receipts and invoices. This would all be based on 90% of transactions being via the bank and using Xero with bank feeds. It includes a Xero subscription.

    With our set up we are possibly slightly higher than sole practitioners and definitely likely to be higher than those still operating from home. However £50 per month for all that is far too cheap.
    Regards,

    Burg
    Dee42
  • Dee42Dee42 Registered Posts: 9
    Hi Burg,
    Thanks, that is helpful
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