If you're self employed and working in the construction industry then you have to register for the Construction Industry Scheme (CIS).
If you don't, then your payslips will have 30% deducted from them as taxes and given to HMRC as tax payments on your behalf.
When you register for CIS these deductions are reduced to 20% when you register for "net payment" status and removed entirely when you register for "gross payment" status.
Main benefit of choosing Net Payment is that the tax withholdings made by your contractor will be reduced to 20%.
You'll still likely end up overpaying your taxes and need to claim a refund.
With gross payment status HMRC will no longer ask your contractor to withhold tax payments so it is your responsibility to calculate and pay your taxes.
However in order to get this status you need to meet the following criteria:
Get your self assessment prepared for you online by certified accountants for £99
Our online tax-bot will go over your tax situation and will make sure you won’t overpay your taxes.
You can talk to one of our tax assistants at any time during the process when you have any questions.
We’ll tell you exactly what documents you need and sort them for you online. You just upload them or snap a picture with your phone.
Your certified accountant will go over your details & prepare your tax return for you to review. It will be filed on your behalf once you approve it.
We have a simple online service that guides you through the entire process. Regardless of your reasons for doing your tax return we'll help you get it done right.
We'll prepare your self assessment and help to maximise your CIS tax refund. We have the lowest fees in the industry and you don't have to pay up front if you're eligible for a refund.
Our service allows people living abroad to prepare their income tax return online. We are able to process all returns regardless of your current country of residence.
UK company directors are required to file their self assessment annually. TaxScouts handles this through a simple online process.
Long Lets, Airbnb, Capital Gains. TaxScouts will sort out your self assessment and take away the worry of tracking all the recent tax changes.
TaxScouts ensures the self employed don't overpay on their taxes. We'll help you benefit from all the tax breaks and deductions that can be applied to your return.
At TaxScouts we appreciate that tax returns are highly individual. Before you get assigned an accountant we make sure to understand your circumstances and help you build your optimal tax profile.