CIS Tax Refunds
What is a CIS Tax Refund?
A CIS tax refund is a repayment of tax from HMRC for someone who is sub contracting through the Construction Industry Scheme.
On this page you will find information about:
How do I get a CIS Tax Refund?
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.
What is the average 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.
Should I fill in my Tax Return myself or use an Accountant?
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.
For further Tax Refund information, please follow the links below: