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Send Income and Expenses documents
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Advice to maximise your tax rebate
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Claim your tax rebate
What is a rebate?
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A tax rebate, in general, occurs when you’ve overpaid your income tax. Throughout the year, you may pay tax on your income, such as employment or bank interest that’s taxed at the source. If by the end of the tax year (usually 5 April), you’ve paid more tax than your actual liability, you’re eligible for a rebate. The process involves submitting a self-assessment tax return, which recalculates your tax based on all your income. If the tax paid during the year exceeds your self-assessment liability, you’ll receive a refund for the difference.
What is a CIS tax rebate?
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When working as a subcontractor in the construction industry, you are taxed under the Construction Industry Scheme (CIS) at a rate of either 20% or 30%. As a subcontractor, you must submit a self-assessment at the end of the tax year. If the tax you paid under CIS throughout the year exceeds the amount you owe based on your self-assessment, you will receive a rebate for the difference.
How to maximise the CIS Rebate?
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The CIS rebate can be maximised through the use of allowable expenses. The allowable expenses are used to reduce the profits on which your tax liability is calculated through the self-assessment, therefore increasing the difference between what you paid throughout the year and the actual tax liability.
How can TACS help you maximise your CIS rebate?
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Our accountants specialise in working with CIS subcontractors.
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We will collaborate with you to understand your specific circumstances and advise you on all possible allowable expenses to claim.
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We will guide you on whether to use existing flat rates or actual expenses, depending on which option is more beneficial to you.
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Additionally, we will check your HMRC account for any available allowances and ensure that your self-assessment is submitted correctly and on time.
What information do you need to submit a Self Assessment?
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to be able to submit a Tax Return, you will need the following information, based on the type of income you received:
1. Income information:
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self-employment: sales invoices, bank statements, contractor statements,
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self-employment CIS: CIS statements (Payment and deduction statement), bank statements
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employment (PAYE): payslips, P45 or P60
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rental income: bank statements, rental agreements
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dividends, bank interest: bank statements
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Capital Gains: purchase invoices, selling invoices, bank statements, section 104 holding (shares), shares statement
2. Allowable expenses:
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purchase invoices, receipts, bank statements
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mileage records (if you are using flat rates)
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other relevant information
Still have some questions? Let us know how we can help you!