What is a CIS Refund? – CIS contractors get Net pay after 20% or 30% CIS tax, this is called tax paid at source.
When the year ends on 5 April a Tax return is prepared. Tax payable calculated as in the tax calculations is compared to the tax paid at source. If the tax already paid is higher, a tax refund is sent to the taxpayer.
How is CIS Tax Return Different? – The tax return submitted to HMRC is the same as any other self-employed/sole trade individual. The only difference is that the CIS contractors pay tax in Advance.
What expenses can a CIS contractor claim?
Expenses incurred wholly and exclusively in the performance of trade are deductible (claimable) from the income. Each CIS contractor’s circumstances dictate the type of expenses they can claim. This includes expenses such as travel, telephone, tools, and many other expenses.
We are experts and can advise you on the expenses and submit your tax returns.
Having a local accountant in London who can deal with business matters such as accounts, taxes, and VAT and can also advise on succession planning to protect your loved ones is a rare mix.
You can Get CIS Tax Refund with us quickly and smoothly. Please note that you must be a CIS subcontractor to get the CIS tax refund.
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