Different types of taxes
What are CIS tax refunds?
Working under the Construction Industry Scheme (CIS) means you can claim tax refunds for things like travel expenses to temporary worksites. RIFT can take care of everything for you. If you need to file a CIS tax return, we’ll handle that too.
What documents do I need for my CIS tax refund?
To claim your tax refund, you’ll need a list of the sites you’ve worked at and your monthly CIS statements or wage slips. A photo ID, proof of address, MOT certificates and receipts for expenses will all help too.
What can I claim for in my CIS tax rebate?
There are lots of essential costs that count toward your tax refund, from travel and meals to parking bills, tools and protective clothing. RIFT will help you track down all your qualifying expenses, and make sure you get back everything you’re owed.
How much tax am I owed back?
To see how much you could be owed by HMRC, use our online tax calculator. It takes less than a minute to complete and will put you well on your way to making your RIFT construction claim.
How can RIFT help with my CIS refund claim?
Our CIS experts can make the most of your CIS refund. They’ll even file your Self Assessment CIS tax returns as part of the service. If you’re new to CIS, they’ll help you get set up, too
How long does a CIS tax refund take?
CIS refund claims take about 8-10 weeks for HMRC to process, on average. The best way to speed things up is to make sure you get all your paperwork filed quickly. RIFT can help keep everything moving and handle HMRC for you.
Why do CIS workers get tax refunds?
If you’re a CIS subcontractor, your boss will be deducting 20% directly from your pay before you get it. Because of this, when you file your Self Assessment tax return at the end of the tax year, you’ve probably been overcharged.
Can RIFT handle my Self Assessment returns?
Yes! We’ll complete your tax return for you and claim your refund at the same time. We’ll send the forms to HMRC, handle any questions on your behalf and chase them if they don’t pay out on time. It’s all part of our service.
How do I register for CIS?
To get set up for CIS, you’ll need to register as self-employed and get a Unique Taxpayer Reference number (UTR). You’ll need your National Insurance number for this, plus your VAT number if you’ve got one. RIFT can get you set up quickly and simply.
What work is covered by the CIS scheme?
The CIS Scheme covers most types of construction work done in the UK. If you only deal with very limited sections of the work, like carpet fitting, you may not have to register. For most general contractors, though, the scheme’s compulsory.
What’s the CIS tax deduction rate?
The standard CIS tax deduction is 20%, so if you’re a CIS subcontractor you could well have overpaid tax. If you don’t register for the scheme, though, the rate shoots up to 30%! This can also happen if you don’t give your employer your UTR.
What are CIS tax deductions?
CIS tax is a special tax scheme just for the construction industry. Under the scheme, contractors make tax deductions from their subcontractors and pay the money to HMRC. The CIS tax deductions count as advance payments toward the subcontractor’s tax and National Insurance.
What are Construction Industry Scheme payment and deduction certificates?
These are records of the money you’ve been paid and taxed on if you work under the CIS scheme. When you file a CIS tax return or claim a refund, you’ll need them to prove what you’ve earned and paid.
Am I working via PAYE or CIS?
If your payslips say “CIS statement” on them and are showing deductions of 20%, it means you’re being taxed under the Construction Industry Scheme. If you’re not sure where you stand, talk to RIFT to clear things up.
Who counts as a CIS contractor or subcontractor?
You’re a CIS contractor if you pay subcontractors for construction work, or your business spends an average of over £1m a year on construction in any 3-year period. You’re classified as a CIS subcontractor if you do construction work for a contractor.
Do I qualify for gross payment status?
Gross payment status means no CIS deductions are taken from your pay. It’s for people in construction with a net annual turnover of £30,000+ for 3 straight years and a clean record with HMRC. RIFT can help work out if you qualify.