If you work in the construction industry as a subcontractor in the United Kingdom, you are likely entitled to a Construction Industry Scheme or CIS rebate. To be eligible for this rebate, you must be registered with Her Majesty’s Revenue and Customs (HMRC), and your employer must have withheld money on your behalf and paid it to HMRC. The money that is sent is meant to be an advanced payment for your National Insurance and tax bill. Employers sometimes overpay this amount, and the difference is due back to you as a CIS rebate.
Your employer may also underestimate your tax debt. Fortunately, some expenses you pay can be used to offset how much you owe HMRC. These same expenses can also increase any rebate that you may be entitled to receive. When you file your CIS tax return, you will want to include every available deductible expense so that your CIS rebate can be maximised.
At Fish 4 Money, we are experts in determining what expenses can be used to offset your tax payment or maximise your CIS rebate. Such deductible expenses include:
- Any hotel or lodging costs that you paid for overnight travel for work,
- Costs of meals that you paid while on the job,
- Costs of maintaining a home office such all supplies used, computer purchases, phone use, postage and more
- All work travel expenses such as tolls, fuel costs, mileage, and upkeep or modifications of your vehicle for work,
- Purchase and upkeep of all necessary tools that are required for you to do your job
- Fees for liability insurance or professional membership costs that are needed for work.
- Many other expenses.
To obtain the best CIS rebate, it is important to keep detailed records and receipts for all the above. Such information is needed to accurately complete your CIS tax return and ensure that you do not pay too much in taxes.
It is also helpful to work with a tax expert, such as those at Fish 4 Money. Such tax professionals can ensure that you meet all tax obligations and comply with all tax laws. Likewise, CIS rebate pros will ensure that you receive the largest possible rebate that you are entitled to receive. Remember that completing your tax returns yourself could result in a simple mistake that may delay your CIS rebate or worse – have you be in noncompliance with tax laws. You can avoid the stress and hardship of such mistakes by always working with a CIS tax and rebate professional.