CIS Tax Rebate

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CIS Tax Rebate; CIS stands for Construction Industry Scheme, which is a tax deduction scheme in the United Kingdom that applies to payments made by contractors to subcontractors in the construction industry. Here are the key points about CIS tax:

  1. Why?: The Construction Industry Scheme is designed to ensure that subcontractors in the construction industry pay the correct amount of tax and National Insurance contributions. It aims to prevent tax evasion and ensure that individuals working in construction are properly taxed.
  2. Who is Covered: The scheme applies to contractors and subcontractors involved in construction work in the UK. Contractors are businesses or individuals who pay subcontractors for construction work. Subcontractors are individuals or businesses hired by contractors to carry out construction work.
  3. Tax Deductions: Under CIS, contractors are required to deduct money from payments made to subcontractors and send it to HM Revenue and Customs (HMRC). The deduction rates vary depending on whether the subcontractor is registered with HMRC for CIS and whether they have gross payment status. Registered subcontractors typically have deductions made at 20%, while those with gross payment status have no deductions made.
  4. Verification and Registration: Both contractors and subcontractors need to register with HMRC for CIS. Contractors are responsible for verifying the subcontractors they hire before making payments to them. This involves checking the subcontractor’s registration status with HMRC and confirming their identity.
  5. Reporting Obligations: Contractors are required to submit monthly CIS returns to HMRC, detailing the payments made to subcontractors and the deductions made. Subcontractors must also keep records of the payments they receive and any deductions made.
  6. Compliance and Penalties: Failure to comply with CIS requirements can result in penalties from HMRC. This includes penalties for late CIS returns, incorrect deductions, and failure to verify subcontractors.
  7. Changes and Updates: The rules and regulations governing CIS tax may change over time, so it’s important for contractors and subcontractors to stay updated with the latest requirements from HMRC.

Overall, CIS tax is an important aspect of taxation in the construction industry in the UK, aimed at ensuring that tax obligations are met by both contractors and subcontractors involved in construction work, you can find out more information by visiting HMRC directly www.gov.uk/what-is-the-construction-industry-scheme

How much rebate will I receive?

Our clients receive on average around £2,400 tax rebate, but this does vary on a person by person basis.

Do you take a “cut” of my rebate?

No we do not, whatever your rebate is, it’s 100% yours to keep.  As traditional accountants, we charge for our tax return calculation service, but our fee does not increase the higher your rebate is, we don’t feel that’s fair to work any other way.

I’ve found a company on google who offer a tax rebate much higher than yours!

We take into account your particular circumstances and your actual expenditure, there has been a lot of publicity about some accountancy firms offering inflated tax rebates based on made up figures.  At first glance, you might receive a rebate from HMRC, however they do investigate claims in the longer term and where there are mistakes, require you to repay your tax rebate in full, with interest!

Are you looking for a different kind of tax service? click here for a reminder of all the different services we offer clients.

Ready for us to calculate and file CIS Tax Rebate? Lets Go!

Your personal details

We need a few details about you, please make sure these match with the details HMRC expect, for example if you recently got married, please let us have your maiden surname unless you have already made HMRC aware of the change.

Employment information

Have you been employed in this tax year? If you are employed, you will probably have paid tax on each wage slip, we need to take this into account, you may be due a rebate!

Self-employment information

Please tell us about your income and expenses for self-employment

Additional income

Here are some additional sources of taxable income you may need to tell us about

  • Your info.
  • PAYE
  • Income
  • Other
Your Details
If you are not a resident of the United Kingdom, you may not have a valid U.K. national insurance number, in which case please leave it blank.
Your UTR should be included on any letters you receive from HMRC, sometimes called a Tax Reference. It is a 10 digit numeric reference given to you when you are first registered for self assessment taxation. If you do not have it to hand, please leave this question blank.
Employment Income
Employment P60's (you can select multiple files if needed) / CIS Vouchers

Max. size: 192.0 MB

If you do not have your employment P60(s) to upload, you can upload wage slips, or complete the details below.
Self employed income
Self employed expenses - We do not require receipts for your purchases/expenses, however you should always keep them on hand for at least 6 years. Some of these expense questions may not apply to your business, please leave them blank, however if there is something you need to include that just does not fit elesewhere, please include in the final entry
Additional sources of income and expenditure
If you have forms of income which you feel you may need to declare to HMRC, please do let us have the details below. If you are not required to pay tax on the income, we will not include it on your tax return submission.
Miscellaneous Information
Rebates are always affected by your earnings, expenses and other personal circumstances. When you send us information, it's important it is correct, we can make changes to your tax calculation however we may charge an additional admin fee. We are happy to complete capital gain calculations for you, however they are not included in the standard self-assessment return service. We include two sections of the self-assessment return within the standard price, additional sections where required attract an additional fee of £25 + VAT per section. Our self-assessment charges become payable when we create your tax return calculation, submission to HMRC is included without additional charge. We are of course unable to guarantee a tax refund if your expenses and earnings declared do not allow for a rebate.