CIS Tax Refund

CIS stands for Construction Industry Scheme and sets out the special rules for subcontractors who work within the construction industry and how payments from contractors must be handled. Contractors and Subcontractors have to follow HMRC guidelines to report and reclaim tax. Due to recent change in VAT reverse charge subcontractors also hot hard on business cash flows but scheme is good anti-fraud imitative from HRMC.

Are you looking for assistance with CIS Tax Refunds or CIS Rebates for your company? If yes, then we are here to guide and assist you with claiming your CIS Tax Refund for Companies.

Most construction companies have customers who have been deducting CIS tax refunds, and the owners do not know how to claim them. You are not alone! Here is what you need to know for starters.

When a contractor pays you for work “under deduction” (which the same is also as net of tax), then the contractor must provide a statement mentioning the full amount paid, as well as the deduction made from the payment. Your company’s Employer Payment Summary returns must show this information. Once you do this right, The CIS deductions you incurred will be offset against the year’s PAYE liabilities.

• It is important to mention that companies with excess CIS deductions cannot claim a repayment until they meet the following requirements:
• Submit the FPS (or Full Payment Submission) for the year, which is due by 19 April). Employee payments should be made between 6 March and 5 April.
• The company must pay all due taxes to HMRC as a contractor/employer
• The tax year in which the CIS deduction took place must have ended

At Tax Advisor UK, we are always happy to assist with your CIS affairs and any other tax and accounting needs. If your company had excess CIS deduction in the past tax year, you can claim them now. We will help you through the process. Call us today. 

Below is a table of CIS Tax Refunds services we offer.