CIS Refunds

Are you Self Employed and deducted Tax at source?

If so then Harrison Hinchliffe Accountants can:

·         Maximise your tax refund

·         Quicken the time from you providing the information to you receiving the refund in your bank

·         Qualified friendly staff that will explain any issues you have

We operate on a first come first serve basis so to ensure you are first on our submit list in April please contact us now.

We charge a flat fee for our services of £300 inc vat with commission paid if you refer us on.

Why you may need to complete a CIS Tax Return?

By completing a Self Assessment Tax Return you can correct any overpaid or underpaid tax that was deducted from your wages – additionally you can claim tax relief on any expenses you may have had.

Harrison Hinchliffe & Co can help you with this and ensure that the maximum allowable expenses are deducted from your income.

Expenses you can claim for under the Construction Industry Scheme (CIS) include:

  • Hand tools and Consumables
  • Plant/Equipment – Hire and Repair
  • Telephone – Home or Mobile
  • Protective Clothing
  • Insurances
  • Stationary and Postage
  • Accountants Fees – Including HH&Co Fees!
  • Vehicle Expenses (License, Insurance, Repairs, HP Interest, Fuel, Parking, Roadside Assistance and more)
  • Other travel costs – (taxis, train, buses)
  • Accomodation – Hotels – Subsistence
  • We have specialist advisers for the Construction Industry Scheme (CIS).

Our current clients include:

  • Grounds Workers
  • Carpenters
  • Plant Operators
  • Bricklayers
  • Painters/Decorators
  • Plumbers
  • Dry Liners
  • Mechanics/Fitters
  • Electricians
  • Many more…

What is the CIS Scheme?

A replacement for the ‘714’ scheme the current CIS Scheme was installed to deal with the tax affairs of self employed contractors in the construction industry.

The scheme defines ‘construction’ as:

  • Building things
  • Making things
  • Putting things together
  • Assembling things

CIS covers any construction work carried out in the UK. Any work that is done to a Permanent building, temporary structure or Civil Engineering work or installation is classed as construction operations.

Jobs include, for example:

  • Site preparation
  • General construction – bricklaying, roofing, plastering etc
  • Demolition
  • Alterations and extensions
  • Repairs and refurbishment
  • Decorating
  • Dismantling work

To register as a self employed contractor under the Construction Industry Scheme (CIS) you will need to register with CIS, become verified and obtain a UTR (Unique Tax Reference).

Call the CIS Helpline on 0300 200 3210 to register. It takes around 20 days to complete registration and is free of charge.

Once you have been registered you will receive your unique tax reference number (10 digits). This UTR determines what tax will need to be deducted.

CIS Tax Deductions

If you have registered with CIS the standard rate of deduction at source is 20%. If you don’t register, deductions will be made at 30%. You may be eligible as a business for ‘gross payment’ status, which means deductions will not be made from your pay, but in order to qualify, your business must be registered with HMRC and must pass several qualifying tests.

Your CIS Tax Return

HMRC will treat the tax deductions made from your invoices as up-front payments toward tax and national insurance due for your business/self employment.

To make sure you are paying the correct amount of tax after the complete tax year, you will need to complete and submit an appropriate tax return.

If tax has been overpaid you will be due a tax repayment. If tax has been underpaid and there is additional tax to pay, it will be due by the 31st of January following the end of the tax year. If you are a business operating as a company then you have 9 months from the end of the accounting period of the company