Do you work in the construction industry? Do you have tax deducted at source. If so you are entitled to a CIS refund.
There are two ways that you can do this and this depends on what type of entity you are.
The CIS reclaim is done via your self-assessment tax return, which runs for the tax year 6 April to 5 April each year. This needs to be filed by 31st January of the following year. However, you do not have to wait until then as you can do it at any point after the 5 April. The sooner you get the tax return in the quicker you receive the repayment.
The CIS reclaim is done via the company payroll (if you do not have one you will need to get one registered with HMRC).
You will need to ensure that all CIS suffered is entered on your end of year payroll submission and then an online form is done via HMRC website to reclaim the refund.
Regardless if you are a Sole Trade or Limited Company if you are a sub-contactor make sure you are registered at HMRC as one, otherwise you may liable to a 30% deduction rather than a 20%.
If you are a contractor you will need to file monthly CIS returns by the 19th of each month. This will detail the amounts paid and the amount of tax that you have withheld for all sub-contractors you have used in that month. If you do not file these returns there are penalties, which can end up substantial.
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Redstone offer the full range of personal tax services, including CIS, self-assessment and partnership tax returns along with tax planning.
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