The CIS tax return should bring together all your income and expenditure for the relevant tax year; it will also include the tax that has been deducted from your pay by the main contractor. You will be given credit for the tax you have paid and you may even be due a CIS tax refund. We Can Help.
What is CIS tax?
CIS stands for Construction Industry Scheme. It’s a special tax scheme just for the construction industry.
Under the scheme, contractors are required to make CIS tax deductions from their subcontractors and pay this money to HMRC. When the subcontractor submits their CIS subcontractor tax return at the end of the tax year, most or all of their tax has already been paid. The standard CIS tax deduction is 20%, so if you’re a CIS subcontractor, you could have overpaid tax and be due a tax rebate.To find out more about our CIS packages, please click below….
Useful guidance: HMRC Guidance