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The Construction Industry Scheme was set up by HMRC for more thorough processing of undeclared earnings in the building industry. Similar to PAYE, a subcontractor’s tax contributions will be deducted directly from their earnings by the contractor. The key benefit for the subcontractor is that they pay 20% on their earnings, rather than 30% as…

The first thing you need to do is NOT TO WORRY! You’re not the first, and you most certainly won’t be the last. Despite the rumours, the HMRC is not too much of an ogre. If you communicate and cooperate with the HMRC and keep them in the loop as you try to rectify your…

We know it comes round every year at the same time, but sometimes the very words ‘self-assessment tax return’ can have us burying our heads in the sand and procrastinating until the very last minute. This might be the biggest of the most common tax return mistakes – ignoring your tax returns until they become…

The Construction Industry Scheme (CIS) was originally set up by the UK HMRC to streamline the way in which the construction industry paid its taxes. Traditionally construction has been a contract-based, ad hoc workplace, and the traditional PAYE structure was not fit for purpose for the many sole traders, subcontractors, and one-man band workforce. It…

If you miss a tax deadline, understate your tax assessment, or overclaim to tax relief, you may be liable to pay HMRC penalties. The type of penalty you pay will depend on the issue at hand and how severe it is. It’s in your best interest to get your books in order and ensure all…

If you’re self-employed or undertake freelance work, you are responsible for paying your tax directly to HMRC. Typically, if you’re employed, your employer will do this on your behalf, but if you work for yourself, you need to do it yourself. We are self-assessment tax return experts and have extensive experience in helping our clients…

If you pay tax, there’s every chance you may be due a rebate. Many people, especially those who are self-employed and complete a self-assessment, don’t realise how much money they could be owed and what they can claim back through expenses. You could be entitled to thousands of pounds, but in order to get what…

If you’ve not yet claimed your 2013/14 tax refund, time is running out! You only have until 6th April 2018 to claim your refund or it will be lost forever. Thousands miss out on tax refunds each year Most self-employed or subcontracting workers in the construction industry are owed a tax refund every year due…

At this time of year, you may overhear other workers on a construction site talking about doing their tax return. This is because they are taxed under a scheme called CIS. But what is CIS tax? And should you be paying it? CIS = Construction Industry Scheme The Construction Industry Scheme (CIS) is a tax…

Christmas is an expensive time. We all want to treat ourselves and our families for our hard work as the year comes to an end. If you are hosting family or friends at Christmas, food and drink can also add significantly to your festive bill. We all experience a greater expense at this time of…

It’s a great feeling when you get a letter telling you that you’re due a tax rebate. Even though it’s your money that you should have had in the first place, it’s often an unexpected surprise. What a lot of people in the construction industry don’t realise is that they are almost certainly due a…

All tradesmen who subcontract on a construction site of any kind will most likely be registered on the Construction Industry Scheme (CIS). This scheme allows the government to take tax from your monthly wages from your main contractor. Unlike most self-employed people you will be paying tax as you go but you will still be…