cis tax scheme

[lame plumber]

I'm not trying to flog anything but just wondering how many peeps out there get paid under the cis scheme most of the time and do they complete any tax returns each year. Theres an awful lot of brickies and plumbers who are paid as subbies but dont claim back any tax at the end of the year and fail to fill in any tax returns and end up being fined by the taxman down the line. Does everyone understand our countries tax systems and get the best out of them? I have a pig of a bill to pay this year!!!

 

[mountainman]

Don't talk to me about tax, I'm PAYE at the mo and paid a grand in tax and ni last month.

 

[Scott_D]

I have to do my first tax return under the CIS scheme at the end of the year.
Any tips would be appreciated

 

[Leo21]

I have to do my first tax return under the CIS scheme at the end of the year.
Any tips would be appreciated

Get a fellow tradesman to recommend a good accountant. Don't try and do it yourself!

 

[lame plumber]

interesting to see that plumbers know to get their accounts right so we dont see sponsors for tax return and accountants on this forum, but pop over to the tilers and one of the biggest advetises there

 

[GasmanxxxR1]

How often do you get CIS statements from the company you sub contract for?

 

[nysk2008]

ive been cis for about 4 years now, the tax is taken upfront and you get a rebate of x amount (its usually pretty decent), ive never used vouchers or anything like that just umbrella companies.

 

[tamz]

They stopped issuing vouchers 5 or 6 years ago. It is now checked through your UTR. You should be given a receipt or statement showing how much tax has been deducted. It makes things easier.
CIS6 or whatever they call it now is better for cashflow as you don't get anything deducted but the downside is you get the big tax bill twice a year.

 

[lame plumber]

what amazes me is the number of souls out there who dont understand the cis scheme and tax in general. If you dont submit a tax return each year, then you get fined, if you dont claim back your cis over payments, after 4 years you lose the money!!, but you fines for not submitting a tax return continue to build each year and guess what? the tax man will start chasing you seriously after 6 years when they have already kept 2 years worth of refunds. Great little earner for them, but seemingly most plumbers are switched onto to tax returns etc, but a lot of other trades arent !!! Hence why my nipper is setting up to help these folk get their money back for a small fee, to take on the accountants at their sacred jobs

Regards my tax bill this year £3.40 it pays to plan and be organised