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For support and oversight for Construction Industry Tax UK, whether you’re a contractor or a subcontractor, we can help.
No matter the size of your business, our professional accountants can help and support your needs.
It does not matter what type of business you have, whether it is a limited company, sole-trader or partnership, it is essential that you declare you income and complete your tax returns and file them to HMRC so that they know ow much tax they are owed.
Failure to do this can lead to hefty fines, as well as interest being accrued said fines, this will then have to be paid to HMRC on top of the tax that is owed. As you can see, it is very important that you have a system in place to make sure that the payment are made on time.
When your tax affairs are organised you have the benefit of time too, giving you the time to ensure you pay everything you at the right time and avoid fines.
Why not contact one of our tax specialist who can talk you through the dates, penalties and deadlines and support you in filing your returns on time?
Tax returns can be very complicated for people, we would suggest that you seek professional support in completing them.
Unless your business model makes them very straightforward.
There are many advantages to be gained by getting professional help when completing your tax returns; from greater piece of mind to reduced costs.
If you choose to use us to handle your tax affairs there are many benefits, some of which are:
There is much more to the whole process than just filing a form, when we complete your tax return we do so much more for you.
Firstly, we will look at your accounts to ensure they are correct and complete. This is important as the information gained from your accounts is what we will use to begin the tax calculation and file your tax return. When everyone is satisfied that the accounts are complete and correct we take a look at the wider business. What is it your company does? Where does it make expenditure? Then we will draw up a list o recommendations for where you can claim money back in taxes, reducing the amount you pay to HMRC and hopefully making you a saving overall.
This work is then checked by other experts to ensure that no errors have been made. We will then send a copy of this to you for your approval, then send it to HMRC. A very straightforward process, using our experts to minimise your workload and make you tax savings.
Why not contact our experts and see what savings they can make you today?
Non-UK Nationals may under the PAYE scheme may be entitled to a tax rebate.
A third of workers in the UK are entitled to tax rebate.
Many of these are Non-UK Nationals who work in the UK. If you are paid under the PAYE system, your employer will make deductions from your wages, whether it is weekly, monthly or yearly. Lots of Non-UK Nationals in the UK have been overpaying tax through this system and are not aware of it.
For you to reclaim your tax on you need to file a tax return, then you can claim a tax rebate.
People can claim tax back if they have:
A third of people in the UK are entitled to a tax return for these things and more.
Our experts have reclaimed tax for thousands of people each and every year.
So please contact us and our experts might be able to reclaim some for you.
All self-employed people living in the UK are legally obliged to complete and return a tax return and file it with HMRC, this process must be completed for every year that you remain self employed.
Although, this is a requirement that is not just for those who are self-employed. There are other reasons that you may have to complete a self assessment tax return.
Some of those reasons are outlined below, these can be:
Company Directors also have to complete a self assessment tax return:
Your tax return must be completed and submitted on time, otherwise HMRC will subject you to their strict late filing penalties and you may accrue interest on the amount owed as well as having to pay a fine.
Have you been backpacking or are backpacking around the UK?
If you have been, then it is likely you are owed a tax rebate.
Whilst working in the UK, whether it was full or part time, if it was for a UK employer, it is likely your were taxed under the PAYE system which assumes that your wages are what you will be receiving each month. It is also likely that you did not work the full tax year, which runs from the 6th of April to the 5th of April each year. This means that there was most likely too much tax taken by HMRC and you are owed a tax rebate.
Some of the reasons people are eligible for tax rebates if they have backpacked or travelled through the UK whilst working are:
If you feel that you might be owed any tax back, why not contact our experts? Just fill in the quick form and we’ll get right back to you.
Tax Returns Made… Simple
Our experts can help if you are working in the construction industry here in the UK. Your employment status may be employed or self-employed, or you may be either a contractor or sub-contractor.
Our Construction Industry Scheme (CIS) experts can support any classification of worker working within construction in the UK.
Our CIS experts will look into what you are spending for work and therefore can reclaim in tax. Whether it’s your website, materials, telephone/internet, wages, advertising, travel, accountancy, fees, tools and much more.
Are you a Non-UK resident but live and work in the UK?
HMRC taxes non-resident very differently to residents in the UK. To assess whether you are a resident or non-resident there is a UK residence test, which should help to clarify things for you.
As of the 2013/14 tax year the rules changed for what makes someone a resident of the UK. However, to be a ‘tax resident’ of the UK you will have spent more than 183 days in the UK for that tax year, this is the same for the rules before 2013.
Other things can affect your status as a UK tax resident, some of the are outlined below:
Be aware that any form of income will be covered by this, whether it is salary, wages, or rental income, and after that your tax is worked out based on earnings, and the rates vary.
If you are not sure whether or not you need to file a tax return, or need some support in doing this, please contact one of experts and they can talk you through how they can help you.
Are you a UK Landlord?
If you are a UK Landlord, or make any rental income, whether it be from caravans, parking, or properties, you are obliged to file and annual tax return.
This needs to be submitted to HMRC before the 31st October, if you choose to submit it in paper, or before the 31st January of you choose to file it electronically.
Contact our experts who can aid you in this process and ensure you are claiming all the taxes you are entitled to back.
Are you a non-UK resident Landlord?
If you gain any rental income from the UK but do not live here, or have a non-resident status in the UK, you must still pay taxes on any rental income you gain from your properties or any other rental income you receive.
Speak to our experts so that they can guide you through this process and work with you to make as many savings in tax as possible.
The Construction Industry Scheme (CIS) gets contractors to deduct money from the subcontractor’s payments to give to HMRC, this rate is usually around 20% and will be used as advanced payments for the sub-contractor’s tax and national insurance.
All contractors must be registered for the CIS scheme.
To register with the Construction Industry Scheme, you need to contact the CIS helpline on 0300 200 3210.
You will need you Unique Tax Reference Number (UTR) and have already registered as self-employed.
Everything gets put through electronically so you can get your refund as quickly as possible.
Even though we do this, HMRC can refund the payments and different times.
We have a system that will provide oversight for CIS refund and will chase up HMRC to make sure that they pay you back.
In our experience you will receive you CIS refund no earlier than 7 days and no later than 6 weeks.
We do not take a percentage of your CIS refund. We prefer to operate on a flat fee of £19.50 a month as opposed to a percentage.
This fee covers all of the work we do for you and also our representation of you in the event of an inquiry.
There are many things that you can claim your money back for, these are wide and varied. Most costs incurred whilst doing your work are re-claimable on your taxes.
Many expenses that can be claimed are not often thought of, but we are here to help. We work hard to make sure you get the full refund you deserve.
We often have sub-contractors come to us with this issue.
As professional accountants we have other ways in which we can calculate your income and expenses. We will use these to make sure you get your full refund from the CIS taxes you have paid.
Your individual accountant can then work with you to help the record keeping, making sure it doesn’t present you problems in future.
Unfortunately, you cannot deduct your mileage from the taxes as you are self-employed and registered for CIS.
When dealing with a contractor as a sub-contractor in your daily rate you should be charging for your travel costs and insurances.
You can contact us, and we’ll do it for you.
When you have paid CIS deductions these should be claimed through your company or business payroll scheme. Do not try to make a claim against your Corporation Tax return because it is likely you will receive a fine.
Monthly Full Payment Submissions (FPS) get sent to HMRC as usual. An Employer Payment Summary (EPS) should also be sent to your employer.
Most ‘labour only’ sub-contractors will have tax deducted at a flat rate of 20%.
This can only happen if HMRC know your UTR on the list of CIS subcontractors.
However, this can rise to 30% as a penalty for not doing your CIS returns on time or correctly.
This all depends on whether you are already employed.
First you must register as self-employed, if this has already been done then your CIS registration can be done as quickly as in a few days.
However, if you are not yet registered to be self-employed registration with CIS can take up to 6 weeks.
Contractors must deduct money from their subcontractor’s payments to pay HMRC under the Construction Industry Scheme (CIS).
These CIS deductions are advance payments towards the subcontractors National Insurance and tax. This is to ensure that sub-contractors are up to date with their taxes.
However often the subcontractors will have overpaid their taxes for the year and we can help to get a rebate for them.
If you are a contractor, you must be registered for CIS before you take on your first sub-contractor.
Sometimes they should not be a subcontractor but an employee instead and you must also check this, if they are a subcontractor instead of an employee then you will most likely incur a fine. You must also check that your subcontractors are registered for CIS with HMRC.
If you are a subcontractor you must register for CIS before you begin work or you will incur a penalty, and your tax rate will rise. Usual from 20% to 30%.
For subcontractors, under the construction industry scheme you will pay a fixed amount of 20% which will cover you National Insurance and income tax.
Many subcontractors are then entitled to a refund under this scheme as it does not consider your expenses.
Under the Pay as You Earn (PAYE) Scheme, as an employee, then you pay the ‘correct’ amount of tax. Any refund will be given through your wages.
With a number of similarities to PAYE, the Construction Industry Scheme (CIS) is a mandatory withholding tax where either 20% or 30% is deducted from a self-employed construction subcontractor's payments and paid directly to HM Revenue and Customs on their behalf.