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The Construction Industry Scheme (CIS) is a HMRC scheme for construction industry where 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.
0% (gross) tax rate will apply if the subcontractor passes three criteria:
HMRC will look at your turnover for the last 12 months. Ignoring VAT and the cost of materials, your turnover must be at least:
20% net applies when business is registered with HMRC.
30% net applies when business is not registrered with HMRC.
1. The fastest way to get your overpaid taxes back is to fill a Tax Application Form which is available on our website.
2. Contact us. We can send you paper forms, which you will be required to fill out and return to us by post or email together with the scanned document copies.
Usually, the BR Tax code is used when:
Usually there are no overpayments under PAYE scheme, but refund may due if:
Please use our Tax Calculator to see if you are eligible.
To get your tax refund you have to produce the following documents:
1. The fastest way to get your overpaid taxes back is to fill a Tax Application Form which is available on our website.
2. Contact us. We can send you paper forms, which you will be required to fill out and return to us by post or email together with the scanned document copies.
An annual tax return must be completed by:
The above is just the list of most common cases when Tax Return has to be submitted. Please contact us for more information.
Yes. You can register for HMRC online services for Tax Return or send your paper tax return. https://www.gov.uk/log-in-file-self-assessment-tax-return
HMRC offers information and help on Tax Return submission and calculations: https://www.gov.uk/government/collections/self-assessment-helpsheets-main-self-assessment-tax-returnFrom the 31st of January 2012, the HMRC tightened their penalties for late Tax Return submissions and eliminated the possibility of penalty cancelation. If you fail to submit your Tax Return:
Companies are obliged to submit:
Yes. Right Accounts offer advice and training on bookkeeping and payroll software. We help to set up the chosen software and provide training. Our training and consultation is charged hourly at £20 per hour.
Currently we can offer you training on VT Transactions, Sage, Moneysoft and HMRC Basic PAYE Tools.