Claim average £3000 CIS Rebates
Construction Industry Scheme (CIS) get rebates quickly, No hidden charges, fast and professional team
CIS Rebate Eligibility
Contractors must register for the HMRC CIS scheme. Subcontractors do not have to register, but deductions are taken from their payments at a higher rate if they’re not registered.
Experienced
Our team are highly qualified and experienced to handle your claim very professionally and quickly. We offer a high quality service, you will get the best possible support and advice.
No hidden fees
We are charging one off fee of £250 +vat. We don’t charge any extra charges or hidden fee.
What you must do as a Construction Industry Scheme (CIS) subcontractor
Pay tax and claim back deductions
When you’re registered with the Construction Industry Scheme (CIS), you’re still responsible for paying the correct tax and National Insurance for your business, even if deductions have been made by contractors throughout the year.
Contractors will give you a monthly statement of what they’ve paid you and deductions they’ve made to help with your accounting.
Sole traders and partners
At the end of the tax year, send in your Self Assessment tax return as usual. You should record:
- the full amounts on your invoices as income
- any deductions contractors have made in the ‘CIS deductions’ field
HM Revenue and Customs (HMRC) will work out your tax and National Insurance bill and take off any deductions made by contractors.
If you still owe tax after this, you’ll need to pay it by 31 January following the end of the tax year.
If you’re due a tax refund, HMRC will pay the money back.
Limited companies
If you have gross payment status, declare all your income in your Corporation Tax return as usual.
If you pay CIS deductions, you must claim these back through your company’s monthly payroll scheme. Do not try to claim back through your Corporation Tax return – you may get a penalty if you do.
Schedule a free consultation today
Call: 01604 434647
Email: info@prestigeaccounting.co.uk
Why choose Prestige Accounting?
Because numbers are what we do best
Running a business can be challenging, and taking that first step into self-employment can be daunting.
Let us take the pressure off you
We can look after your accounting matters – set up your payroll, register you with HMRC, and form your company. We can help you with bookkeeping and cashflow management.
We will do the heavy-lifting, leaving you free to do what you do best – establishing and growing your business.
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