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Tax Refund - CIS Tax Refunds
To find out more about CIS tax refunds please follow the links below:
As a CIS sub contractor you will have to complete a Self Assessment Tax Return in each tax year. When your Self Assessment Tax Return has been submitted, HMRC will calculate how much income tax you will have to pay, from the figures entered on your Self Assessment Tax Return.
If you have overpaid tax you will be entitled to a CIS tax refund.
The average CIS tax rebate is between £500 to £1500. The amount you may be entitled to depends upon your income and tax paid, and any allowable expenses.
Each individual situation is different and some people may feel confident that they can enter all income, tax and expenses figures correctly without any help, and in addition deal with any HMRC check that may take place in the future.
If you are not sure what income and expenses to declare and in which box, a tax adviser could help you further. It could be worth paying to make sure that all allowable expenses are claimed correctly, along with the correct income and tax figures from all sources of income. A Tax adviser could also help if HMRC decide to check the accuracy of your tax return in the future.
Important To Know…
- To make sure you receive the highest possible CIS tax rebate you should include all allowable expenses on your Self Assessment Tax Return
- You should keep receipts or proof of purchase like debit or credit card statements for all expenses incurred
- It is recommended that records are kept for 5 years after the Self Assessment filing date, just in case HMRC decide to investigate your Self Assessment Tax Return
- Class 2 and Class 4 National Insurance have to be paid depending on your income. Currently Class 2 National Insurance is paid at £2.65 per week, and Class 4 National Insurance is currently paid at 9% of taxable profits between £7,605 and £42,475. An additional 2% is added after £42475
- If you do not submit your Self Assessment Tax Return on time you will be given a late filing penalty by HMRC
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