Construction Industry Scheme (CIS) Returns
If you’re self-employed in the construction industry and have had tax deducted from your pay by your employer, you could be entitled to a tax refund.
Why does this happen?
The CIS is where a construction contractor deducts a portion of the money due to its subcontractor and sends it straight to HMRC. Effectively, the contractor pays the tax for the subcontractor in advance.
The amount deducted depends on whether the subcontractor is registered with HMRC or not meaning a subcontractor could be taxed as much as 30%. The scheme doesn’t take into account the fact that individuals are entitled to a tax-free personal allowance.
In some cases, a subcontractor will have incurred work expenses that can be deducted from earnings to reduce the amount of tax to pay. See more on common self-employed expenses here.
How much refund will I get?
The average refund is around £2,000.
Can I backdate my refunds?
The limit for going back is 4 years providing you were on the scheme at the time.
How do I get my refund?
The process is simple. Provide us with the details we need such as income, expenses, and tax already paid. We’ll prepare your self-assessment tax return, then HMRC will confirm your refund within a few weeks and transfer the money straight to your bank account.
How much do you charge?
We charge a flat fee of £200+VAT for processing your tax return.
Call us on 0208 472 3055 or email firstname.lastname@example.org