Self employed tax return - CIS

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi

Does anyone have any experience of doing tax returns for self employed in the construction industry.

Any help/tips would be greatly appreciated. Ie what can they have as allowable expenses.

Many thanks
Geraldine

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Self employed tax return - CIS

    Hi Geraldine

    I have completed a few of these recently.
    As far as I am aware most expenses are allowable as they are for non CIS with the exception of those which have been repaid as part of the payment received from the subcontractor.
    Make sure you have all the vouchers and take the figure of tax paid directly from these, if there is a query ie you claim more tax has been paid than you have vouchers for the revenue can dispute it and ask for an ammendment to the return be made as they have a copy of the voucher submitted by the contractor. Unless of course the relevant forms for lost or missing vouchers has been submitted to them.
    I know there are changes for CIS holders as from this tax year (2005/06) such as subcontractors will no longer have vouchers and the revenue can insist people are not CIS for certain contracts depending on length of ontract and terms etc but that they are paid as an employee.
    I am due to go on a course regarding the new implications for CIS Subcontractors in February and can let you know more when I have been.

    Hope this helps
    Best regards
    Michelle
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Self employed tax return - CIS

    Hi Michelle

    Thanks for that. Yes I would be grateful if you could let me know of any changes you may find out about in February.

    My email address is ghoban@rmluk.com

    Thanks again
    Geraldine
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Self employed tax return - CIS

    I have aleady been to several seminars regarding the new CIS scheme.

    The new scheme does not come into place untill April 2007.

    For CIS 4 holders they will have to be supplied with montly statements or statement with every payment, showing how much tax as been deducted by the contractor. You can then use these as proof of how much tax as been deducted for tax returns.

    If you work for an organisation in the building indusrty then there are more rules that you need to know.

    If this is the case and you need more information then let me know.

    Regards,

    Sally

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