CIS Tax Refund

Did you know that you may be eligible for a CIS tax refund if you are a member of the Construction Industry Scheme (CIS)? As a self-employed contractor, you may recoup many of your company expenditures by deducting them from your salary during the year. Subcontractors in the construction business who are CIS-registered can claim tax reduction on qualified costs on their CIS tax return. Many contractors...

Whether you're a full-time work-from-home employee or you work in a hybrid work environment, it's important to know whether you're entitled to tax relief. According to the Office for National Statistics or ONS, about 25.9 percent of people work from home. As compared to the 2019 data that showed only 12.4 percent are working from home, this is a considerable increase. Because of this, many are...

 Tax returns can be completed any time after the tax year's end, as long as it's before the submission deadline. The sooner a tax return is submitted, the sooner the offset or repayment will come in! Submitting a tax return sooner rather than later raises the likelihood of a speedy offset or repayment. Filing a tax return online can be done through logging into HMRC online...

You may owe a lot of tax rebates or tax refunds to HMRC because of a number of reasons. Maybe you are currently employed and paying your taxes through PAYE, but your taxes have been calculated incorrectly. Or maybe there were a lot of errors when you did a self-assessment tax return, so instead of paying the correct amount, you just overpaid your tax. If you encountered...

Whether you’re filing your tax return or enlisting a tax preparer to do it for you, it’s crucial to stay informed about some essential concepts in tax filing. After all, you want to be paying the right amount of taxes. You will also want to receive a reimbursement for those taxes from the government if you have overpaid. Tax filing can be a complicated process, especially...

If you've finished filling out your tax return and feel that you paid more tax than you should have, don't worry! In this article, we'll show you how to check the status of your tax return and claim back some of your overpaid tax in the UK. Where can I check my state tax refund status? The easiest way to check your tax refund status is to...

Working in the construction industry as an independent contractor, freelancer, or self-employed involves different tax rules and regulations. To avoid the rampant tax evasion in the landscape, the UK’s Construction Industry Scheme (CIS) initiates tax deductions dedicated to contractors and sub-contractors.  What is the Construction Industry Scheme (CIS)? CIS enables British contractors and sub-contractors to process payments and taxes in a way that follows the provisions set...

Nothing irks anyone more than having to deal with taxes. Whether you're employed, self-employed, run a small business or own a big company, you're required to pay for taxes. However, you should know that Her Majesty's Revenue and Customs or HMRC allows taxpayers to overpay since it's much better to pay more than too little.  But it’s also worth considering to be careful because the HMRC...

Paying for your taxes is supposed to be simple, but you can’t rule out taxing mistakes! In some cases, HMRC doesn’t have a complete and accurate picture of one’s work and financial situation, resulting in paying the wrong amount of tax. Here are some of the common reasons many UK taxpayers find themselves applying for a tax refund: 1. Working in the CIS Industry The Construction Industry Scheme...

Paying for your taxes is supposed to be simple, but you can’t rule out taxing mistakes! In some cases, HMRC doesn’t have a complete and accurate picture of one’s work and financial situation, resulting in paying the wrong amount of tax. Here are some of the common reasons many UK taxpayers find themselves applying for a tax refund: 1. Working in the CIS Industry The Construction Industry Scheme...