Seeking professional support for their accounting needs is usually not the first instinct of a small or medium-sized business owner. This is because they are always thinking about the expenses. If you are worried that hiring such services will cause more trouble for your finances, let us assure you of the opposite.
Keeping track of every penny earned and spent is necessary to ensure a stable, capable and effective financial condition for every organisation. Trying to do that yourself will be a challenging task with chances of mistakes, especially if you are not well-trained in accounting and other financial aspects.
Creating and maintaining a separate accounting department is not feasible for a small or medium-sized business. And, as the owner, you won’t have enough time to handle the task beneficially. Hence, hiring our services will be the best choice, as we will help you save money without compromising the business’s financial situation. 



 

We are CIS & PAYE tax rebate specialists, dedicated to simplifying the processes around being self-employed and tax with a friendly and transparent customer experience.

With our experience, expert advise and knowledge of the HMRC and taxes we could save you £100’s if not £1,000’s each year

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How we can help you

Our Services are designed to ensure you can reclaim any tax that is rightfully yours. We take hassle out of:

• Registering for UTR & CIS

• Managing your HMRC account

• Ensuring you get any tax you are due back.

• Ensuring your tax return is submitted correctly and on time.

Our Yearly Accounting Service is designed with your needs in mind. Signup now and take away the headache of dealing with HMRC and tax rebate.

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What is a CIS Tax Return?

CIS means Construction Industry Scheme. Any self-employed individual who works in the Construction Industry must register for this special scheme CIS (Construction Industry Scheme) with the HMRC and they will be deducted tax at source by their contractor. Even though the individual pays tax at source throughout the year, they will also have to submit a CIS tax return with the HMRC from 6th April every year.

How To Claim your CIS Tax Rebate as a Subcontractor?

To claim your CIS tax rebate, you need to file a CIS tax return with the HMRC and for this you will need to get hold of your income and expenses details throughout the year.

Information required to claim your CIS tax rebate:

• Claimant basic Information: Name, email address, phone number, address, National Insurance and UTR Number.

• Income Details: CIS deduction statements or Invoices proving CIS tax was deducted at source and any other Income during the tax year.

• Work Related Expenses: Receipts for work related items that your employer did not already reimburse you for.

• Bank Statements: In some cases, bank statements might be required to reconcile income and expenses.

What expenses can I claim in a CIS tax return?

Being a subcontractor working in the construction industry, you can claim the following expenses that can bring down your taxable income and get you a bigger rebate. You can claim your travel costs such as transportation tickets or fuel/business mileage if you use own vehicle to travel between multiple sites

 

• Accommodation expenses and meals if you are working away from home

• Phone bills, tools and equipment used for work

• Protective equipment such as safety shoes, cloths (for business only), helmet etc which are not reimbursed by your employer

• Professional fees, marketing and advertising costs for your business.

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What is Self Assessment

If an individual working as self employed in UK and already registered for UTR number he/she must have to submit self assessment with HMRC by 31st January succeeding year. It is a system HMRC uses to collect taxes from Individuals who registered self employed.
In simpler words who are other than PAYE earning income in UK are considered as self employed.

 

What are self assessment tax returns?

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Self Assessment Tax Returns are a way for freelancers, self-employed and others to declare how much they have earnt, and thus how much they owe in tax. If your income is already taxed by PAYE, this does not automatically mean you are exempt. HMRC Self Assessment tax returns differ from the Pay As You Earn (PAYE) system in many ways. Under PAYE, tax is deducted automatically from wages, pensions and savings.
You might still have to file a UK tax return to declare any other income earned or claim a tax refund. If you are in any doubt, speak with our team to find out.
The process is intended to be as simple as possible but due to the complexities involved, this is not always the case. For example, some people may be entitled to a tax rebate that they are not aware of, or they may not know how to claim back everything they are owed. There are also deadlines to meet, with penalties for late applications.
If you complete a Self Assessment tax return, you include all your taxable income, and any capital gains. You also claim any tax allowances or reliefs that you are owed on the tax return, so it is worth knowing what you are entitled to.

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Who needs to submit a Self Assessment Tax Return?

It is not only the self-employed who need to declare their earnings to HMRC and submit a Self Assessment Tax Return. Even if your income is already taxed by PAYE, this does not automatically mean you are exempt. You might still have to file a UK tax return to declare any other income earned or claim a tax refund.
If you’re wondering ‘Do I have to submit a self assessment tax return?’, you will need to if you fall into one of the following categories:

• 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 in excess of £50,000

• You have income from overseas

• You have sold or given an asset away (such as a holiday home or some shares)

• You’ve lived or worked abroad or aren’t domiciled in the UK

What documents do I need to file a self assessment return?

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Filing a Self Assessment tax return means showing HMRC a full picture of your finances, so the more information you have documented, the better. Here are a few examples of important documents which you should hold on to:

• Form P45, if you stopped working for an employer during the tax year.

• Form P60, showing what tax you've paid.

• Form P11D, if you get any "benefits in kind" like a company car.

• Records of any Taxed Award Schemes or redundancy payments.

• Other things to keep track of include extra income such as untaxed tips, incentive payments or benefits like meal vouchers.

• Remember, it's not just the self-employed who file a Self Assessment tax return online. If you're claiming a tax rebate for expenses of over £2,514, you'll need to use the system too.

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We help individuals and businesses who frequently ask questions about UTR numbers and registration, such as:

• How do I register for a UTR number?

• What is the process for UTR number registration?

• How do I complete my Unique Taxpayer Reference (UTR) registration?

 

What is a UTR Number?

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A UTR Number (Unique Taxpayer Reference) is a 10-digit identifier issued by HM Revenue and Customs (HMRC) when you register for Self-Assessment or own a limited company. This number is essential for managing your tax affairs and filing tax returns. It typically appears as 9876543211 but may sometimes include the letter "K" at the end.

The UTR number acts as a Tax Identification Number for self-employed individuals, sole traders, and company owners. Once assigned, you can use it to submit a Self-Assessment tax return, claim tax rebates, or pay due taxes to HMRC.

 

UTR Number Application: How to Apply?

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If you are starting self-employment, you must apply for a UTR number with HMRC. This Unique Taxpayer Reference (UTR) number is used to identify you for tax purposes.

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Information Needed for a UTR Number Application

Before applying, ensure you have the following details ready:

• Full Name

• Phone Number & Email Address

• Current Residential Address

• Date of Birth

• National Insurance Number

• Start Date of Self-Employment

• Type of Work as a Self-Employed Individual

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