Cooper Accounting recently helped Peter, a builder from Brighouse, register for the Construction Industry Scheme (CIS).
Under the Scheme, contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC).
The deductions count as advance payments towards the subcontractor’s tax and National Insurance.
Contractors must register for the scheme. Subcontractors don’t have to register, but deductions are taken from their payments at a higher rate if they’re not registered.
Until Peter was registered, his payments from contractors were being taxed at source at 30%, which meant he was paying more tax than he should have been.
Being so busy, Peter struggled to find time to complete this process himself and also experienced issues accessing his Government Gateway account.
I was able to recover his missing details, gain access to his account and register him for CIS.
This reduced his tax to 20%.
I also completed Peter’s self-assessment tax return for 2019-2020, earning him a tax refund of £1,775.
Peter is one of many people I’ve helped to tackle issues around CIS Refunds.
CIS refunds are a quick and easy way for you to have your CIS Tax Return prepared and refunded at a very low cost.
I can help construction workers get tax back from HMRC quickly, efficiently and professionally.