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We can claim any overpaid tax on your behalf as part of our service (going back up to the last 6 years).
TaxPenny cannot trace missing information through your tax office, CIS Vouchers are no longer used so you now need Deduction/Employment Statements from your contractor.
It is a statuory right for your contractor to supply these to you.
We will also appeal against late fines and determinations if they have been put against you by contacting your tax office.
By completing a Self Assessment Tax Return you can correct any overpaid or underpaid tax that was deducted from your wages - additionally you can claim tax relief on any expenses you may have had.
TaxPenny can help you with this and ensure that the maximum allowable expenses are deducted from your income.
We have specialist advisers for the Construction Industry Scheme (CIS).
Our current clients include:
A replacement for the '714' scheme the current CIS Scheme was installed to deal with the tax affairs of self employed contractors in the contruction industry.
The scheme defines 'construction' as:
CIS covers any construction work carried out in the UK. Any work that is done to a Permanent building, temporary structure or Civil Engineering work or installation is classed as construction operations.
Jobs include, for example:
To register as a self employed contractor under the Construction Industry Scheme (CIS) you will need to register with CIS, become verified and obtain a UTR (Unique Tax Reference).
Call the CIS Helpline on 0845 366 7899 to register. It takes around 20 days to complete registration and is free of charge.
Once you have been registered you will receive your unique tax reference number (10 digits). This UTR determines what tax will need to be deducted.
If you have registered with CIS the standard rate of deduction at source is 20%. If you don't register, deductions will be made at 30%. You may be eligible as a business for 'gross payment' status, which means deductions will not be made from your pay, but in order to qualify, your business must be registered with HMRC and must pass several qualifying tests.
HMRC will treat the tax deductions made from your invoices as up-front payments toward tax and national insurance due for your business/self employment.
To make sure you are paying the correct amount of tax after the complete tax year, you will need to complete and submit an appropriate tax return.
TaxPenny can complete self assessment tax returns for contractors. Get a quote online for our Tax Return service for CIS. It will take you less than a minute to register with us as a client and our fees are only £99+VAT.
If tax has been overpaid you will be due a tax repayment. If tax has been underpaid and there is additional tax to pay, it will be due by the 31st of January following the end of the tax year. If you are a business operating as a company then you have 9 months from the end of the accounting period of the company.
Registered in England No. 06734565 - HM Revenue & Customs Agent Ref: i5076F - Data Protection Number : Z1549382 - VAT Reg. 942 0667 26
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