CIS Tax Refund, Construction Industry Information, Architectural Career Management
CIS Tax Refunds : Construction Industry Scheme
Building Sector Taxation Article
8 Nov 2012
Construction Industry Scheme Tax Refunds
Published on www.e-architect.co.uk
CIS Tax Refunds: All You Need to Know
While it may not be known by a lot of us in the United Kingdom, many Brits are owed money through a form of tax refund under the Construction Industry Scheme (CIS). Here is all you need to know about CIS Tax Refunds.
Who does it apply to?
Eligible to construction workers contractors and subcontractors in mainstream construction work, CIS tax refunds apply to construction workers and those of us that work in predominantly in the construction industry or spend a lot of money in the industry.
Does your work come under CIS?
Your business may need to register with HM Revenue and Customs (HMRC) if it a) works in the construction industry, b) does construction related work, or c) spends more than a certain amount each year on construction operations covered by the scheme; even if its main activity is nothing to do with construction.
The HMRC website contains a guide that will help determine whether or not you are eligible for any CIS tax refunds.
Not being aware of your right to claim CIS tax refunds will obviously cost you significant sums of money each year. There is no reason why a construction industry worker shouldn’t be aware of their rights and duties.
While the different clauses and regulations of the British tax system may seem a bit too confusing to fully comprehend, there are a number of specialist law firms that can determine what you are owed for you. You must however, ensure that you consult a fully qualified and professionally regulated firm of Chartered Accountants, regardless of how tempting it is to choose a cheaper team. By opting for a firm of Chartered Accountants, you will be increasing the likelihood of receiving more of what you are owed.
Don’t Destroy the Evidence
If you are a CIS self-employed professional, you must take serious care of all pay and tax details from the previous and present year. This is as you will need such information to determine whether or not you‘re owed anything by the HMRC and if so, you’ll need such information to claim your money back.
Even if you deem the document to be utterly worthless it is better to keep it unless you’re absolutely sure you won’t need it. After all, it is far better to be safe than sorry; especially when being sorry means losing out on significant amounts of money.
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