HOW DO I CLAIM MY CIS TAX BACK?

If you’ve had tax deducted as part of the Construction Industry Scheme (CIS), you could be missing out on money you’re entitled to! With the new tax year just started on 06 April, the time to claim your refund is due already



WHAT IS A CIS TAX REFUND?

CIS dictates that contractors deduct money from a subcontractor’s payments to be passed to HMRC. Those deductions are considered ‘advance payments’ towards the subcontractor’s tax and National Insurance.
You must be registered with the scheme in order for it to apply. Deductions are usually made at the standard rate of 20%. However, they can range from 0% (gross status) to 30% (higher rate), depending on your circumstances.
In many cases, too much tax is deducted from a subcontractor’s payment. Therefore, those individuals are often due a CIS tax refund. Overpayments in these instances can reach thousands of pounds – and it’s money that you’re entitled to! Don’t delay, Claim today.



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