Under this scheme, contractors must calculate CIS tax deductions from their respective sub contractors and pay the amount due to HMRC. Once the CIS tax return has been submitted by the subcontractor at the tax year end, nearly all of their tax is considered paid off.
The normal CIS tax deduction rate is 20% - if you’re a CIS contractor, chances are you have overpaid your tax and may be eligible for a tax rebate.
Use our simply and user-friendly software to submit your tax return online yourself for just £11.99. However, if you need assistance how your tax return to file, our in-depth assisted tax filing service is just a few clicks away.
All self employed individuals working in the UK construction industry must complete and submit their self assessment tax return to HMRC by January 31, once the tax year has ended.
The CIS tax return consolidates your income and expenditure for the given tax year, and also includes the tax deducted from your salary by the primary contractor. You are given credit for the tax paid and may even be entitled to a CIS tax refund.
If you are indeed entitled to a tax refund, you must have a claim submitted to the HMRC. You can certainly do this yourself; however, getting your head around tax legislation can be very cumbersome and time consuming, to say the least. Add to this all the paperwork that needs to be filled and the evidence which must be submitted to HMRC.
What have you got to lose? Registration is free and you can file tax return online for an unbelievably low £11.99 fee. We want you to “Be your own accountants” at Selftax and understand how easy it can be to file tax return online.
Should you need assistance from one of our professional accountants, the £44.99 assisted tax filing service is just a few clicks away.