CIS tax refund

CIS tax refund

CIS tax refund

What is a CIS tax refund?

A CIS tax rebate (also called a refund) is money that can be claimed from the HMRC where you have paid more tax than you actually owe!

At Citi Accounts, we are dedicated to winning back your hard earned money quickly and effectively.

On average, our clients get an average refund of £2,000 each year.

Most self-employed or subcontracting workers in the construction industry are owed a tax refund every year due to the Construction Industry Scheme (CIS).

Some of the reasons than can lead to tax overpayments for nearly all CIS sub-contractors are:

  • Making no claim at all
  • Overstating your earnings on your tax return
  • Failing to claim all allowable tax credits and deductions
  • Failing to identify and claim all allowable expenditure
  • Failing to identify other personal allowances such as marriage allowance transfer

CIS Tax refund

Under this scheme, sub-contractors pay 20% of their pay as tax at source. However, there are a number of expenses which are allowable for reclaim, some of which are:

  • Protective equipment and clothing
  • Food
  • Tools and equipment required for jobs
  • Mileage and travel claims
  • Working from home allowance

How to claim CIS tax refund?

Claiming is easy and straight forward:

  • Send us your business records for the financial year from 6thapril to 5th April in the following year by post or by scanning.
  • Within 3 working days, we will give you a computation showing the tax refund due. Once agreed, you sign of the accounts.
  • Once signed, we will immediately submit your refund to HMRC electronically.

How far back can I claim?

You have four years from the end of the tax year of overpayment to claim your refund. We can help to compile all your return quickly and effectively to maximise your refund.

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