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Construction Industry Scheme tax is a special taxation that just applies to the construction industry. Under this scheme, contractors have to make CIS tax reductions from their subcontractors, and then give this money to HMRC. The subcontractor submits a CIS subcontractor tax return upon completion of the current tax year when the majority of their tax has already been paid. The standard tax deduction in such a case is 20%. This means that if you are a CIS subcontractor, you may have paid too much tax, and you could be due to a rebate.
If you work in the construction industry and have CIS tax deducted from your pay, the Best Replica Watches chances are you are entitled to a refund of at least some of that tax. The CIS has been fundamentally reformed with effect from April 2007. The system of subcontractor registration cards and tax certificates is to be abolished. Instead:
When a contractor takes on a subcontractor under the new regime, the subcontractor will provide basic identity details which the contractor will check with HMRC to determine whether payment should be made net or gross. The contractor will not then need to check every time a payment is made to the same subcontractor.
All contractors will be obliged to make monthly returns under the new regime summarising payments made under the CIS. In addition the return must include a declaration that none of the payments relates to a contract of employment. In other words, responsibility lies with the contractor to question each and every subcontractor engagement and confirm that it is not one of employment.
At Taxcare Accountancy we specialise in www.replica2u.me preparing tax returns for people like you who work in the construction industry. As specialist accountants for contractors over many years, we understand the rules and regulation and can help you to recover any tax overpayment, with the minimum of fuss.
Contact us on 02084783383 and we can advise you on CIS Exemption, CIS Scheme & CIS Tax Returns.