HOW TO REGISTER FOR YOUR TAX REBATE

If you’re paid via the Construction Industry Scheme, then you have a legal obligation to complete a self-assessment tax return to determine whether you’re eligible for a tax rebate.

Most CIS contractors will be due a tax rebate at the end of every year because of the expenses that they have incurred. For example, if you have bought PPE or other equipment necessary for your role, the tax element of these expenses can be claimed back via your rebate. If you’re in CIS but have no expenses, you will still need to register for and complete a self-assessment tax return because you will still have tax to pay. Click here to view a list of expenses you can claim for as a CIS contractor.

We understand that when you’re contracting, terms like ‘tax’, ‘HMRC’, or ‘Self-assessment’ can fill you with dread – especially if you’re a new contractor and have never had to complete tax forms before.

As HMRC’s guidance on Self-Assessment Tax Returns (SATR) is a lengthy and complicated document, it’s little wonder that so many contractors delay addressing their tax return. However, we’re here to make things simple, so that you can complete your SATR quickly and accurately and receive your correct tax rebate as soon as possible.

Registration

Before you can receive your tax rebate from the Government, you’ll first need to register for a Self-Assessment Tax Return.

The deadline for registration is 5th October in your second year of trading. This means if you began trading between April 2019 – April 2020, and haven’t yet registered, you’ll need to register before October 2020 or you risk being fined by HMRC.

Although October is still a month away, don’t wait until the deadline to register, because the sooner you’re registered, the sooner you can receive your rebate. You can register online here, or fill out this form and post it to HMRC.

While you have to register for yourself as we can’t do it for you, we can help you through the process if you need us, so get in touch if you have any questions.

Once you’ve registered, HMRC will send you a letter with your 10-digit Unique Taxpayer Reference (UTR) number and details of the account they have set up for you on their online Self-Assessment service. You will then receive a second letter, providing you with an activation code for your online account so that you can sign in for the first time.

Here to help

As soon as you’ve signed in and you’re all set up, we can take things from there – all you have to do is get in touch with us and we’ll take the matter out of your hands. With your permission, we’ll apply for a 64-8 authorisation code, meaning we can view your online records.

We’ll need to know the details of your income and any expenses you may have incurred. From this information, our experts will do the rest, and we will submit the tax return on your behalf – it’s that simple.

Although completing your self-assessment can be complicated and time consuming, with years of experience in SATRs, our experts know how to make the process easy. We’ll gather and submit all of the necessary information so that your tax return is always filed accurately and on time, meaning all obstacles are avoided and you’ll receive the correct rebate, if you’re entitled, the first time around.

Not only will they ensure accuracy throughout your tax return, our accountants will also advise you on ways in which you could save money, so you’ll have peace of mind that you’ve got the most out of your income, while still acting compliantly.

The deadline for submitting a postal tax return is 31st October, or if you wish to submit your tax return online, you have until 31st January. But remember, if it is your first time completing a SATR, then you’ll need to be registered with HMRC before 5th October to avoid facing a fine.

You can find out more about our comprehensive self-assessment tax return service here or get in touch via 01244 684700 where one of our expert advisors will be happy to help you with registration, or any other aspect of CIS and tax.