CIS Sub-Contractors

Why Choose QAccounting as your CIS Accountant?

QAccounting provides self-assessment services for CIS subcontractors at very competitive prices. If you are CIS registered and due a tax reclaim, QAccounting charges a flat percentage of 10% of the value of the reclaim. We will normally prepare your return within 24 hours of receiving the information required to complete it.

Sub-Contractor CIS Reclaims

It is essential to understand if you are a sub-contractor that, because HMRC has collected taxes “at source” before you have deducted expenses, and without taking into account your annual tax-free personal allowance, in most cases, you will have paid too much tax!

To correct this, you have the option to submit a “CIS Reclaim” each year as part of your self-assessment tax return to reclaim any overpayments in tax.  This is done by recording the correct (after expenses) profit values for the tax year, the taxes already paid to HMRC at source under the scheme, and the correct tax code to calculate the value of tax you should have paid during the tax year, and therefore also any associated overpayments of tax.

HMRC will compare the figures on your tax return to the figures supplied to them by the CIS Contractor(s) for which you supplied services during the year.  And providing there are no discrepancies, then they will arrange to repay any overpayment tax to the sub-contractors.  This process can take many months.