[UPDATED]: Calling all subbies! Claim your refund in time for Christmas AND get a 5% discount on Taxfile prices if you submit your records to us before 21st December!
If you’re a sub-contractor working in the UK construction industry, the first thing you should do is register for CIS (the Construction Industry Scheme). This gives you your own unique tax reference and you effectively become self-employed from a tax standpoint. Taxfile can help set you up on the CIS system (we charge just £36 + VAT for this at time of writing).
Once enrolled, any earnings will automatically be taxed, at source, at 20%. However, with the personal allowance being set at around £10,600 per annum in most cases, this means that many subbies will have overpaid tax and will be due a refund at the end of the tax year. Taxfile are experts at recovering this type of tax for construction workers. We can analyse income, offset any applicable expenditure and allowances, work out the correct National Insurance and income tax, then submit an accurate tax return. 9 out of 10 subbies using Taxfile receive a tax refund within 3 to 4 weeks, many of those receiving in excess of £1000. Taxfile do more than 500 of these annually and no more than 2% of subbies’ tax returns are ever queried by HMRC – we are well-trusted.
If you would like help enrolling in the CIS system, help with tax returns or with tax refund claims, call us on 0208 761 8000, book an appointment online or Skype us — Taxfile are here to help you. Your first 20 minute appointment is free and without obligation (please don’t forget to bring in your records for the year ending 5 April 2015). And once you’re an active Taxfile client, we’ll also be at the end of the phone, or available at our offices, should you occasionally require a brief piece of tax-related advice, free of charge.
Use a debit card just for your business expenses and tools. That way you will always have a record of expenses right on your bank statement – useful if you ever lose a receipt.