Reclaiming Your Tax
What records you need to keep to reclaim your tax
There are two types of records you need to make sure you save:
1) Your payslip
2) Your business receipts
Payslips or CIS slips
By law your client / contractor must send you a copy of your payslips each month. The payslip will include your personal details, UTR number, NI number but most importantly it will confirmation how much you were paid and how much tax was deducted from your pay. You must keep this information safe as we will need this information to help calculate how much you should have paid. Working under the CIS scheme it will be likely you are due tax back. If you send these to us each month we can keep these safe for you and advise you how much tax you will be due back.
Your Business Receipts
Being self employed allows you to have business expenses. A business expense is defined by HMRC as anything that “is wholly and exclusively required for business purposes”. For example, if you need to buy work boots and health and safety clothing. They are items that you are likely not to use for any other reason than business and therefore, can be used to lower your profit and the tax you need to pay.
The main thing you need to remember is that on a daily basis you can save business receipts and you also need to save your payslips each month. You can simple take a photo of these receipts and email them directly to firstname.lastname@example.org. We will file them under your personal account with us, ready to complete your tax return at the end of the year.