The Construction Industry Scheme (CIS) is a UK government initiative which requires contractors and nearly all subcontracted tradesmen to be registered to. The contractors then deduct tax payments from the subcontractor’s wages in advance and passes these on to HM Revenue and Customs (HMRC)
Unlike most self-employed people as a CIS worker, you will be paying tax as you go. This means that your tax allowances and expenses can be claimed back at the end of the tax period.
It is also mandatory that every CIS worker completes a UK tax return every year to declare your income and claim back your expenses and allowances even though you are paying regular tax contributions at source.
A tax rebate or refund is when you get back money back from the HMRC if you paid too much tax in this or previous tax years.
If you are a Construction Industry Scheme (CIS) worker, you’re probably due a tax rebate.
All contractors that employ CIS workers deduct tax contributions from your wages in advance. These payments do not take your taxable allowances or business related expenses into consideration meaning a percentage of the money you have paid to the HMRC can be claimed back.
90% of CIS workers that contact us as are able to claim money back, claims can be made for the previous 4 years and our average CIS tax refund is currently over £2,200.
HMRC allows every person to earn a certain amount of money each year which is tax free. All extra money earned above this amount is taxable and the rate of tax differs depending on how much money you have earned before. This amount is often changed, for the 2016/17 tax year it is £11,000 and in 2017/18 it has been increased to £11,500.
There are a huge range of job-related expenses that can be claimed back and used to reduce your tax bill. Allowable expenses may differ depending on your job role and sector but generally include work travel costs, essential tools and equipment, materials and general business costs such as stationery, insurances, marketing and accountancy fees.
We will be able to assess your expenses and include the ones that qualify and maximise your tax rebate.
We will need; a form of Identification (copy of your passport or driving licence), proof of your income (payslips, P45 or 60), receipts of any claimable expense and proof of your address.
If you have any further questions we can advise you on what specific documents are suitable and what expenses you can claim based on your circumstances.
HMRC currently allow you to reclaim overpaid tax from the previous four years, plus the current year so five years in total.
If you have worked legally in the UK and had tax deducted under CIS then you are still legally required to complete a UK tax return and it is likely you will be due a rebate.
Our average individual tax rebate is £2,215. We specialise in CIS Tax rebates so this is higher than some of our competitors. As we are experts in CIS tax refunds we feel we are better equipped to legally maximise the amount of money you will receive from your tax rebate.
The UK tax year runs from April 6th until April 5th of the following year, so a claim can be summited after April 6th. We recommend that you begin your claim with us as soon as possible as your rebate is just there waiting for you. Returns for the year just finished must be submitted to HMRC by 31st January of the next year to avoid the possibility of penalties.
Tax returns for the year that has just finished must be submitted to HMRC by 31st January of the following year to avoid penalty charges.
Once all your necessary documents have been collected and we are able to submit your tax return the average wait time is 1-2 weeks for HMRC to repay your money.
We offer two types of payments option. An advanced payment that is made to us once we have approved your claim or you can choose to pay our fee from your refund. The second option requires the HMRC to pay your rebate into our secure and segregated client account and we will then forward you the balance.
Both options allow the rebate to be sent to you by bank transfer or cheque.
We specialise in CIS tax rebates. It’s all we do. We understand that the CIS tax system can be daunting and by using CIS Rebate Specialist we will maximise your claim, make sure that you are aware of all your allowable legal expenses and reduce your tax liability.
We have made the process quick and simple. We only offer low fix-fee options that don’t take a percentage of your rebate as many of our competitors do.