Credit portal




Why you may need to complete a CIS Tax Return?

how much is cis tax

Construction Industry Self Assessment

We will complete your Tax Return and settle your tax position from only ВЈ199 by:

  • Calculating how much you owe Revenue & Customs (or in the more likely case of overpayment - how much they owe you!)
  • Make sure your tax bill is minimised by using the maximum allowable expenses depending upon your circumstances
  • Provide you with tax saving advice and record keeping advice
  • Accounts preparation if required
  • If you are required to complete a Tax Return for previous years, we will only charge from £199 per Tax Return.
  • If you do not require a Tax Return for previous years but believe you may have a refund due to you, we can make a claim on your behalf for only 20% of any refund recovered. Contact Us!

    We can claim any overpaid tax on your behalf as part of our service (going back up to the last 6 years).

    TaxPenny cannot trace missing information through your tax office, CIS Vouchers are no longer used so you now need Deduction/Employment Statements from your contractor.

    We will also appeal against late fines and determinations if they have been put against you by contacting your tax office.

    By completing a Self Assessment Tax Return you can correct any overpaid or underpaid tax that was deducted from your wages - additionally you can claim tax relief on any expenses you may have had.

    TaxPenny can help you with this and ensure that the maximum allowable expenses are deducted from your income.

    Expenses you can claim for under the Construction Industry Scheme (CIS) include:

    • Hand tools and Consumables
    • Plant/Equipment - Hire and Repair
    • Telephone - Home or Mobile
    • Protective Clothing
    • Insurances
    • Stationary and Postage
    • Accountants Fees - Including TaxPenny Fees!
    • Vehicle Expenses (License, Insurance, Repairs, HP Interest, Fuel, Parking, Roadside Assistance and more)
    • Other travel costs - (taxis, train, buses)
    • Accomodation - Hotels - Subsistence

    We have specialist advisers for the Construction Industry Scheme (CIS).

    Our current clients include:

    • Grounds Workers
    • Carpenters
    • Plant Operators
    • Bricklayers
    • Painters/Decorators
    • Plumbers
    • Dry Liners
    • Mechanics/Fitters
    • Electricians
    • Many more.

    What is the CIS Scheme?

    A replacement for the '714' scheme the current CIS Scheme was installed to deal with the tax affairs of self employed contractors in the contruction


    The scheme defines 'construction' as:

    • Building things
    • Making things
    • Putting things together
    • Assembling things

    CIS covers any construction work carried out in the UK. Any work that is done to a Permanent building, temporary structure or Civil Engineering work or installation is classed as construction operations.

    Jobs include, for example:

    • Site preparation
    • General construction - bricklaying, roofing, plastering etc
    • Demolition
    • Alterations and extensions
    • Repairs and refurbishment
    • Decorating
    • Dismantling work

    To register as a self employed contractor under the Construction Industry Scheme (CIS) you will need to register with CIS, become verified and obtain a UTR (Unique Tax Reference).

    Call the CIS Helpline on 0845 366 7899 to register. It takes around 20 days to complete registration and is free of charge.

    Once you have been registered you will receive your unique tax reference number (10 digits). This UTR determines what tax will need to be deducted.

    CIS Tax Deductions

    If you have registered with CIS the standard rate of deduction at source is 20%. If you don't register, deductions will be made at 30%. You may be eligible as a business for 'gross payment' status, which means deductions will not be made from your pay, but in order to qualify, your business must be registered with HMRC and must pass several qualifying tests.

    Your CIS Tax Return

    HMRC will treat the tax deductions made from your invoices as up-front payments toward tax and national insurance due for your business/self employment.

    To make sure you are paying the correct amount of tax after the complete tax year, you will need to complete and submit an appropriate tax return.

    TaxPenny can complete self assessment tax returns for contractors. Get a quote online for our Tax Return service for CIS . It will take you less than a minute to register with us as a client and our fees are from only ВЈ199+VAT.

    If tax has been overpaid you will be due a tax repayment. If tax has been underpaid and there is additional tax to pay, it will be due by the 31st of January following the end of the tax year. If you are a business operating as a company then you have 9 months from the end of the accounting period of the company. how much is cis tax

Category: Taxes

Similar articles: