Why you can reclaim your CIS tax
CIS Reclaiming your Tax
Everyone in the UK has a tax-free allowance before they have to start paying tax. In 2017/2018 this tax-free allowance is £11,500. That means you can be paid £11,500 before paying tax.
However, under the construction industry scheme your client deducts your tax directly from your pay as required by HMRC. Your payments do not take into account your tax-free allowance.
At the end of the tax year you need to submit a tax return to HMRC to confirm how much money you earned and how much tax you paid. Any tax you paid on your profits from your income less than £11,500, that’s around £2,300 in tax, you will be paid back from HMRC. Yes £2,300 paid back into your bank account.
Follow the link below to find out more.
What you need to reclaim your tax
In order to successfully reclaim your tax you need to submit a tax return. This can seem over complicated but don’t worry, we are here to help you.
You need three main things:
If you are worried about not having all these then we can help you find this information.