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Get a refund of your Construction Industry Scheme (CIS) deductions if you’ve paid too much tax or National Insurance. LET TAXFILE HELP YOU GET THE RIGHT AMOUNT OF MONEY OWED BACK TO YOU.
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CIS Tax Refunds: Taxfile are experts at claiming back what is owed to you -
We do over 500 of these per year and usually subcontractors receive their refunds in just 3-4 weeks. Taxfile are also very well trusted by HMRC so our subcontractor CIS submissions and refund requests are rarely questioned.
Our advice is to start planning for your refund as early as possible by getting your records and paperwork to us now, or certainly ready for us well ahead of 5th April if you can. We appreciate that some data may need to follow.
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The Construction Industry Scheme (CIS) is where a construction contractor deducts, at source, a portion of the money due to their subcontractor. Whatever amount is deducted is then passed directly to HMRC which is then counted towards the tax and National Insurance of a subcontractor. This effectively pays the tax element in advance.
How much is deducted will depend on whether or not a subcontractor is registered under the CIS system. Unregistered subcontractors usually get a 30% deduction, while the registered ones get a deduction at the standard rate of 20%. This is one of the reasons that, by the end of the financial year, the amount deducted at source often ends up being overpaid.
But a bigger reason is the fact that the deductions did not factor in the personal allowance that every taxpayer in the UK is entitled to. The personal allowance for the tax year 2018-2019 was £11,850. Because of this overpayment, many subcontractors in the construction industry are due a tax refund.
You can also claim extensively for any work related expenses such as; accountant fees, travel, telephone, tools, clothing, etc.
It is a complex process and to ensure you get the maximum tax rebate let Taxfile help you.
CIS tax refunds and accountancy for sub-contractors is one thing that Taxfile is exceptionally skilled at. Over the years we have secured valuable tax refunds or 'rebates' for thousands of subbies working in the construction industry.
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We'll help you get the figures right, offset all allowable expenses & so maximise your tax refund!
Usually we can help you offset the cost of tools, equipment, VAT, plant hire and some materials against your tax, to maximise the size of any refund you are due. But we can only do this if you have kept good records and receipts for the expenses in question (using a debit card for expenses helps!).
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Taxfile: Your One-Stop Shop for Tax & Accountancy Help
 Taxfile has over 100 years of combined tax and accounting experience and has administered over 30,000 tax submissions in the past 20 years! Beginning way back in 1994 (and continuing as Guy Bridger Limited from 1997), we originally started business offering only CIS sub-contractor returns but quickly developed the service to help the self-employed, local businesses and higher rate taxpayers with their tax computations. Along the way we added tax and accounting services for taxi drivers, cab drivers, landlords and more. We also offer Capital Gains tax expertise and tax investigation help and, more recently, professional help with disclosures, written tax advice and a tax planning service.
Taxfile helps individuals as well as businesses. Our customers are very varied, turning over anything from £10,000 to over £1 million a year. A few are high wealth individuals who no longer need to work but still need to account for their taxes etc. Some customers have retired, others operate small businesses and some don't even live in the UK but may have assets here. So if you need ANY tax-related help, you've found the right place in Taxfile.
Whatever help you need with tax and accountancy-related matters, call Taxfile on 0208 761 8000 and we'll be delighted to help you. Learn more about our many services here.
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Top Tip:
Use a debit card!
Use a debit card just for your business expenses and that way you will always have a record of expenditure right on your
bank statement. This could be useful as proof of purchase if you ever
lose a receipt.
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Request for Feedback!
As a small local business we rely on our customers to grow our business. We always welcome feedback, & would appreciate it is you could click the button below and leave us a review:
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When you refer a friend, colleague, or family member, & they use us, then we will apply a 10% discount on you bill.
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Top Tip:
Online banking may save you money!
If you have online banking and can provide us with downloads of your bank statements, it could save time & money.
Most if not all
online banking services allow for this, so if you can provide us your bank statements for the year in .CSV or .XLS format, it could save you & us time & money. With access to your bank statement
data, we can make sure that we have included all the income and
expenditure that we should have included, even if you have lost a
receipt. Learn more here or call us on 0208 761 8000 for more information.
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Top Tip:
Use a debit card!
Use a debit card just for your business expenses and that way you will always have a record of expenditure right on your
bank statement. This could be useful as proof of purchase if you ever
lose a receipt.
|
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|
Request for Feedback!
As a small local business we rely on our customers to grow our business. We always welcome feedback, & would appreciate it is you could click the button below and leave us a review:
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