Accounts & Bookkeeping Services within your local area
Thecbsltd providing Bookkeeping Services to suit your business
Thecbsltd located in Chalfont St Peter [Gerrards Cross]
MONDAY 8.00AM : 17.30PM
TUESDAY 8.00AM : 17.30PM
WEDNESDAY 8.00AM : 17.30PM
THURSDAY 8.00AM : 17.30PM
FRIDAY 8.00AM : 17.30PM
SATURDAY 8.00AM : 12.00PM
Not Just a bookkeeper an ICB Bookkeeper
The Chalfont Bookkeeping Service Limited (Thecbsltd) provides Accounts & Bookkeeping services within your local area. These include Final Accounts for Limited Company (FRS 105), Sole Trader, Partnership, Non Profit Organisations, Vat tax Returns, Payroll, self assessment tax returns. These bookkeeping services are not limited to just The Chalfonts with cloud based computerised accounting software such as Xero, Quickbooks and payroll software such as Brightpay you are just a click away.
The Chalfont Bookkeeping Service Limited is a member of The Institute of Certified Bookkeepers (ICB).
Located in Chalfont St Peter a village local to Gerrards Cross in Buckinghamshire, within a group of villages collectively called The Chalfonts this includes Chalfont St Giles and Little Chalfont.
These Accounts & Bookkeeping services are available to you in local areas such as Amersham, Beaconsfield, Chesham, Denham, Farnham Common, Farnham Royal, Fulmer, Gerrards Cross, Harefield, Hedgerley, Iver, Iver Heath, Jordans, Maple Cross, Ricksmansworth, Seer Green, Slough, Stoke Poges, Uxbridge, Watford, Wexham.
Tax thresholds, rates and codes
England and Northern Ireland
PAYE tax rates and thresholds 2023 to 2024
Employee personal allowance £242 per week
£1,048 per month
£12,570 per year
English and Northern Irish basic tax rate
20% on annual earnings above the PAYE tax threshold and up to
English and Northern Irish higher tax rate
40% on annual earnings From £37,701 to £125,140
English and Northern Irish additional tax rate
45% on annual earnings above £125,141
Income Tax rates and Personal Allowances
Income Tax rates and bands
The table shows the tax rates you pay in each band if you have a standard Personal Allowance of £12,570.
Income tax bands are different if you live in Scotland.
Band Taxable income Tax rate
Starter tax rate Up to £2,162 19%
Basic tax rate From £2,163 to £13,118 20%
Intermediate tax rate From £13,119 to £31,092 21%
Higher tax rate From £31,093 to £125,140 42%
Top tax rate Above £125,140 47%
You can also see the rates and bands without the Personal Allowance. You do not get a Personal Allowance on taxable income over £125,140.
You have tax-free allowances for:
You may also have tax-free allowances for:
your first £1,000 of income from self-employment - this is your ‘trading allowance’
Find out whether you’re eligible for the trading and property allowances.
You pay tax on any interest, dividends or income over your allowances.
So who is smarter those that filed on 6th April or those that filed on 31st January, for those that filed on 6th April they have:
Peace of mind that they had filed their return.
Received any refund due 10 months earlier than those that filed on 31st January.
Had 10 months to save any tax due.
Had 10 months to amend their return if any errors/additional information came to light.
Important dates for 2022-2023 Tax Returns
Register for Self Assessment 5th October 2023
Paper tax returns Midnight 31st October 2023
Online tax returns Midnight 31st January 2024
Pay the tax you owe Midnight 31st January 2024
Construction Industry Scheme (CIS)
The Construction Industry Scheme (CIS) will be applicable to you if you are involved in any of the following construction works:
CIS covers most construction work to:
a permanent or temporary building or structure
civil engineering work like roads and bridges
For the purpose of CIS, construction work includes:
preparing the site - for example, laying foundations and providing access works
demolition and dismantling
alterations, repairs and decorating
installing systems for heating, lighting, power, water and ventilation
cleaning the inside of buildings after construction work
You do not have to register if your work entails the following
architecture and surveying
scaffolding hire (with no labour)
making materials used in construction including plant and machinery
work on construction sites that’s clearly not construction - for example, running a canteen or site facilities
Even if your business is not located in the UK but is involved in construction work as a contractor or subcontractor in the UK you will be subject to the same CIS rules.
How does Construction Industry Scheme (CIS) work
If you are classed as a contractor then it is your responsibility to deduct money from a subcontractor’s payment and pass it to HM Revenue and Customs (HMRC).
HMRC will class these deductions as advanced payments towards the subcontractor’s tax and National Insurance.
What constitutes being classed as a Contractor
you pay subcontractors for construction work
your business does not do construction work but you have spent more than £3 million on construction in the 12 months since you made your first payment
If either of the above apply to your business then you are required to register as a Contractor.
What constitutes being classed as a Subcontractor
if you do construction work for a contractor
If the above relates to your business then you are encouraged to register for the scheme but it is not compulsory. If you do not register then the contractor is entitled to deduct a higher rate from payments to non-registered subcontractors.
If your business falls under Contractor and Subcontractor you are required to register as both a Contractor and Subcontractor.
Can be classed as a Mainstream or Deemed contractors
If your business is construction and you pay subcontractors for construction work, you’re a ‘mainstream’ contractor. This applies if you’re a:
gangmaster (or gang leader)
You count as a ‘deemed’ contractor if your business does not do construction work but you have spent more than £3 million on construction in the 12 months since you made your first payment. This could apply to:
housing association or arm’s length management organisations (ALMOs)
You must monitor your construction spend if you are likely to become a deemed contractor.
There are exceptions for contractors where CIS does not apply
If your work is:
paid for by a charity or trust
paid for by a governing body or head teacher of a maintained school on behalf of the local education authority
on the subcontractor’s own property and worth less than £1,000 excluding materials - you must call the CIS helpline to get an exemption
CIS also does not apply if you’re a deemed contractor paying for:
work on property (that is not for sale or rent) for your own business use
a construction contract worth less than £1,000 excluding materials - you must call the CIS helpline to get an exemption
Construction work not covered by CIS
There are also certain jobs that are exempt from the scheme, including:
architecture and surveying
scaffolding hire (with no labour)
work on construction sites that is clearly not construction, for example running a canteen or site facilities
Having decided that your business should be deemed as a contractor then you will need to do the following:
Register as a Contractor
Make deductions and pay subcontractors
Pay deductions to HMRC
File your monthly returns
Keep records of payments and deductions
Keep HMRC up to date of any changes
You should register for the Construction Industry Scheme (CIS) if you work for a contractor and you’re one of the following:
the owner of a limited company
a partner in a partnership or trust
Under CIS, a contractor must deduct 20% from your payments and pass it to HM Revenue and Customs (HMRC).
These deductions count as advance payments towards your tax and National Insurance bill.
If you do not register for the scheme, contractors must deduct 30% from your payments instead.
If you do not want deductions made
You do not need to register for CIS if you’re an employee. Check your employment status if you’re not sure.
Having decided that you should be deemed as a subcontractor then you will need to do the following:
Register as a subcontractor
Apply for gross payment status if you qualify
You must show HM Revenue and Customs (HMRC) that your business passes some tests. You’ll need to show that:
you’ve paid your tax and National Insurance on time in the past
your business does construction work (or provides labour for it) in the UK
your business is run through a bank account
HMRC will look at your turnover for the last 12 months. Ignoring VAT and the cost of materials, your turnover must be at least:
£30,000 if you’re a sole trader
£30,000 for each partner in a partnership, or at least £100,000 for the whole partnership
£30,000 for each director of a company, or at least £100,000 for the whole company
If your company’s controlled by 5 people or fewer, you must have an annual turnover of £30,000 for each of them.
Getting paid from a contractor
To be paid correctly by a contractor, make sure you give them the same legal business name or trading name you gave when you registered for the Construction Industry Scheme (CIS). You should also give them your Unique Taxpayer Reference (UTR) so they can verify you.
If you do not, this could affect how much you get paid
Contractors will not make a deduction from amounts you charge on your invoice for:
materials that you have paid for directly
equipment which is now unusable (‘consumable stores’)
plant hired for the job
manufacturing or prefabricating materials
If you have gross payment status, HM Revenue and Customs (HMRC) will review your business every year, to decide if you can keep your status.
You must be on time with your tax returns and payments to keep your gross payment status.
Keep HMRC up to date of any changes
For a more details on Construction Industry Scheme and construction operations refer to the following items
Construction Industry Scheme: a guide for contractors and subcontractors (CIS 340)
Updated 6 April 2021
CISR14330 - The Scheme: construction operations: index of construction operations