Construction Industry Scheme
Prompt, accurate services, claiming back anything you are owed.
All UK workers receive a personal tax allowance which entitles them to earn a certain level of income before paying any tax. For work carried out under the HMRC Construction Industry scheme the standard tax deduction on all revenue is 20%. For many CIS subcontractors this can mean a tax repayment owing to them at the end of the tax year. We can prepare your tax calculations promptly after the end of the year, ensuring you receive any repayment you are due as quickly as possible.
Any allowable expenses occurred in the tax year which, relate to your business activities can be claimed on your end of year tax calculations. This will create further tax relief for you.
Monthly record keeping
We can process your income and expenses every month to keep your paperwork up to date and let you know the profit and tax position on a more regular basis. This information is really helpful as it allows you to manage your cashflow and budget more effectively for business growth.
Free Tax return!
If you use our monthly services to keep your accounting records up to date then we will prepare and submit your end of year tax return free of charge! This is because we will have a good understanding of your business and any queries will be dealt with throughout the year rather than at the end of the tax year. Therefore giving you access to regular and accurate financial information as well as being compliant for HMRC.
Even employees who work in the construction industry could benefit from tax relief as many incur businesses expenses such as tools, PPE and business travel but pay for these themselves. We can claim back the tax relief on these employment expenses and you can revisit your last 5 years employment. We charge a set fee for this service rather than a percentage of any tax repayment you receive from HMRC as we take the view that it takes us the same about of time to prepare and submit your claim regardless of the end result.