What is CIS Tax Refund in London?
Under the Construction Industry Scheme ( CIS ), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs ( HMRC ). The deductions count as advance payments towards the subcontractor’s tax and National Insurance. Contractors must register for the scheme. For more information on CIS Tax Refund in London keep reading.
The CIS Tax Rebate is a refund of tax to subcontractors in the Construction Industry Scheme (CIS). Unlike other sole traders, CIS workers pay tax at source – just like PAYE (Pay as you earn) employees. This tax is deducted and paid to HMRC(Her Majesty’s Revenue and Customs) by their contractors – normally every month. So at the end of the year, the tax paid could be too much and subcontractors should use the tax return to claim a CIS tax refund. Being self-employed you need to file a Tax Return to report your earnings for the period and claim any tax which you have overpaid during the year.
We can claim for you some of these allowable expenses:
Telephone – Mobile or Home
Small tools and consumables
Plant/Equipment – Purchase, Hire & Repair
Insurances, License, Repairs, Fuel
HP interest, Parking, AA/RAC membership
Other travel costs – train/taxi/bus fares
Accommodation – Hotel/ subsistence
Who can help with CIS Tax Refund?
Accotax is known for its reliable and efficient services. We provide you with the best accountants and the best solutions for your accountancy worries. In London and worried about your CIS tax returns? Let our CIS tax return accountants help you in managing your CIS tax returns. Call us now for a no-obligation quote on 0800 6441 258, if you are looking for a low cost fixed fee, cheap accountants, accountancy services in London, Mitcham, Morden Surrey, Wimbledon, Tooting, Clapham, and surrounding areas.