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Are you a director of a UK limited company or working as a self-employed contractor? Do you have rental income or any other sources of income that you need to declare on your personal tax returns? Do you know how to prepare personal tax returns in the first place?
Over 10 million taxpayers must file a personal tax return. Are you one of them?
Remember, if you haven’t filed your Self Assessment return by the 31 January deadline, you will be liable for an instant £100 penalty on the 1st of February.
The Construction Industry Scheme (CIS) is a set of rules that apply to contractors and subcontractors in the UK construction industry. It's a peculiar tax that only applies to workers in the construction business. The Construction Industry Scheme (CIS) outlines how contractors in the construction industry should handle payments to subcontractors.
If you work in the construction industry, you must complete a Self Assessment tax return, which must include a reconciliation of your refund. It must provide the total amounts on the invoices as income, as well as any deductions a contractor has made in the ‘CIS deductions’ section.
Please contact us if you have any questions about how and when tax refunds are paid.
Request a call from us to discuss the details!
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