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Know your CIS rights A
ccording to Staffordshire based accountancy firm Rostance Edwards there are
many sub-contractors across the UK within the construction industry who are due tax refunds from the CIS. Philip Owen, director at Rostance
Edwards said: “Most businesses are aware of the benefits of CIS, but many aren’t giving it the attention it needs when it comes to accounting, and ensuring that they are getting the refunds that they are due.” Hi said there are others who aren’t
aware of what they are entitled to receive back from HMRC, and how to actively chase their claims. Rostance Edwards has offered some top tips for reaping the benefits of CIS refunds: Register ASAP – Register with the CIS scheme as soon as possible. Contractors must be registered for CIS before hiring their first sub- contractor. Know why refunds are due – How
are you registered under the CIS system? How much is deducted by a contractor depends entirely on whether a sub-contractor is registered in the system. Keep your information safe – All of
your expenses will need to be proven in order to apply for a CIS tax refund. Know your rights – A contractor must give a sub-contractor a deduction statement within 14 days of the end of the tax month ie. 19th,
where the contractor has stopped tax at source under CIS. Minimise unnecessary communication with HMRC – Double check that the submitted information is accurate before submitting a CIS return, and, where necessary, check that Unique Taxpayer References and company names are correct. Know what expenses you can claim for – Many sub-contractors are unaware of what expenses can be claimed on. Avoid the headache – Making sure
you get your applications, obligations, and legislations straight can be complicated. When you’ve reached a point where trying to figure it all out is causing a headache, hand it over to a chartered accountant. When work is undertaken within
the CIS, sub-contractors get their taxes deducted at source just like PAYE, but these deductions do not take account of allowable expenses or for personal allowances. This is why the majority of those enrolled in the CIS are likely due a tax refund each year. Rostance Edwards believes that there are many workers within the UK who aren’t properly claiming their due refunds, and are urging all contractors and sub- contractors to carefully scrutinise what is being paid, and in turn, what refunds are being given, to those who are a part of the Construction Industry Scheme.
contractors from social housing providers. P The innovative HeatRHIght scheme gives social housing providers an
upfront lump sum that contributes to the capital cost of retrofitting air and ground source heat pumps. With more than four million social homes across the UK, HeatRHIght
introduces significant new opportunities for skilled installers by removing financial barriers that have historically prevented registered providers from investing in renewable heating. The scheme works by trading seven years of government-funded
Renewable Heat Incentive (RHI) payments for an upfront lump sum. The size of any payment will depend on the technology used and heat demand required, but will typically provide between 40 per cent and 100 per cent of installation costs. Andrew Harrison, deputy CEO plumbing & heating division, says: “We know social housing providers want effective, sustainable heating, but they don’t always have the capital they need. HeatRHIght solves that problem. With funding available upfront, clients can commission retrofit projects with confidence, which will introduce a whole new level of demand for renewables installers.”
As April approaches, and deadlines for tax returns creep up on businesses across the UK, it’s worth thinking about Construction Industry Scheme (CIS) and the refunds that may be due to contractors
FUNDING FRAMEWORK A WINDFALL FOR CONTRACTORS?
TS and City Plumbing Supplies launched a new funding framework at Ecobuild for renewable heating, which they believe could result in a substantial surge in work for
NATURALLY INSPIRED EFFICIENCY
Y
built for speed
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www.heatingandventilating.net
April 2018
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