dns helps you get a refund of your tax deductions on your self-assessment tax return with expert guidance and swift paperwork.
Get a refund of your Construction Industry Scheme (CIS) deductions if you’ve paid too much tax or National Insurance.
Contractors deduct money from subcontractor's payments and remit it to HM Revenue and Customs under the Construction Industry Scheme (CIS). The deductions are considered advance payments toward the subcontractor's tax and National insurance contributions. It is mandatory for Contractors to register with the scheme, whereas Subcontractors are not required to register. Still, their payments are deducted at a higher rate if they don't get register.
Where tax is deducted under CIS, and you have a lesser income, you will usually receive a refund due to trade expenses and the availability of personal allowances. This is important to remember because HMRC may need evidence that you incurred an expense and that the expense was wholly and exclusively for your business. You should not make them up or include private expenses deliberately to minimise your taxable profits and obtain a larger refund — this is unlawful and carries severe penalties.
Under CIS, you are required to complete and submit an annual tax return in order to receive what could be a significant tax refund.
For some individuals, completing and submitting a Self Assessment tax return can be lengthy and a complex process. As a result, personal tax accountants can be of great help.
If you want a refund in a year, you need to fill the form CIS40. However, this is only applicable if your work in the construction business has ceased and your tax affairs are up to date.
You must still file a tax return for the year in which your construction industry work ended. When you receive the refund as a result of submitting the form CIS40, that amount has to be included as a provisionally received refund in your tax return.
You should include the date on your tax return when your construction industry work ended so that HMRC can close your Self Assessment record (if applicable) and avoid sending you tax returns further to complete.
Get higher refunds in less time and for a price that will not hit your pockets. Yes, you can get higher refunds and avoid mistakes of doing yourself and the hassle of dealing with HMRC. Contact dns accountants for CIS & Self Assessment tax refund to avail Bunch of Benefits!
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