Tax returns
Individuals that run their own business with no legal entity are required to produce income and expenditure report to allow correct assessment of their tax liability.
The UK has one of the largest tax codes in the world, so preparing even the most straightforward tax return can be complicated. There are various deadlines and responsibilities for taxpayers to be aware of-
The most common reasons that a tax return may be required are as follows:
You are self-employed or a partner in a partnership
You are a company director
You have large amounts of savings or investment income
You have untaxed savings or investment income
You own land or property that is being let
Your household receives Child Benefit, and you have income more than £50,000
You have income from overseas
You have sold or given an asset away (such as a holiday home or some shares)
You have lived or worked abroad or aren’t domiciled in the UK
The staff at HM Revenue & Customs are not tasked to advise you on how to organise your affairs and minimise your tax. Therefore, if you want to make sure you are paying the right amount of tax, you should consult a professional.
How it works:
You provide me with:
- Bank statements
- Receipts and invoices for all types of expenditure
- Income records (sales receipts or extract of digital transactions)
- Details of any assets held and its useful life
- Stock records if applicable
- Proper VAT invoices/receipts if VAT registered
- Payroll details if operating a payroll
I review it check for things you could be claiming for
We review together and close any gaps
I complete the return for you to sign and then I submit to HMRCTa-Da!
CIS Tax Returns
Construction Industry scheme (CIS) effects most sub-contractors in the building trade.
PinPoint Accountancy is an expert in CIS returns
Who pays CIS Tax? Or do I have to pay tax if I am CIS
CIS tax is paid by sub-contractors/worker working in the construction industry. All construction companies are required to deduct cis tax at source before making the payment to the worker.
Construction companies are required to check the UTR number for CIS and if UTR is valid, they are required to deduct 20% and if not confirmed to deduct 30% tax.
It does not mean you will be counted as employed, you still be counted as self-employed under CIS.
You are still required to file a self-assessment each year. It is important to file tax returns every year, to avoid
- Penalties
- Not utilizing your tax-free personal allowance
- Not be getting any relief for work related expenses
CIS deduction and payment certificate
Your contractors should provide you cis tax deduction statement showing your total gross and tax deducted.
HMRC have strict guidelines for contractors to provide cis tax deduction statement to workers.
What expenses can I claim under CIS return
Following are few of examples of allowable expenses in construction include:
- Work travel costs
- Any work clothes
- Any subscription such as CSCS
- Any tools cost
- any materials you bought
- any rent of premises cost
- stationery and accountancy fees
These are few examples of expenses which can be claimed against your income.