CIS Tax Returns
Tax Return Filing Services
Looking for a reliable accountant for your CIS Tax Returns?
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Welcome to Ultra Tax Ltd, where we specialise in managing CIS tax returns for contractors and subcontractors in the construction industry throughout the UK.
The Construction Industry Scheme (CIS) sets out special tax rules for subcontractors working in the construction sector, involving deductions that contractors must take from a subcontractor’s payments, which are then passed on to HMRC.
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Get in touch today to get started with your CIS Tax Returns.
CIS Tax Services
At Ultra Tax Ltd, we understand the complexities involved in the CIS framework.
Our tailored CIS tax return services are designed to alleviate the administrative burden and enhance your financial outcomes:
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CIS Tax Deductions and Refunds: Detailed analysis and accurate filing of your CIS deductions to ensure you claim all your entitled refunds.
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Compliance with HMRC Regulations: Ensuring that all your paperwork is in order, from monthly returns to annual tax submissions.
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Advice on CIS Compliance and Maximising Returns: Strategic advice to help you navigate through the CIS tax rules and optimise your tax position.
Understanding CIS Tax Deductions
The CIS covers most construction work to permanent or temporary buildings and civil engineering work like roads and bridges.
Here’s how Ultra Tax Ltd can help:
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Verification of Subcontractors: Assistance with verifying subcontractors with HMRC to determine the correct CIS tax deduction rate.
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Handling Monthly CIS Returns: We manage and submit your CIS returns timely, reducing the risk of penalties.
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Tax Planning for CIS Contractors: Our experts provide proactive tax planning advice to reduce tax liabilities and increase profitability.
What expenses can I include in my CIS Tax Return?
For CIS tax returns, detailing the deductible expenses is key to ensuring you're not overpaying on taxes. Through your CIS tax filings, you can claim back money spent on necessary work-related costs, effectively reducing your taxable income.
The types of expenses you can include are:
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Travel: Costs incurred from using your own vehicle or public transport for work-related travel.
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Meals: Money spent on food while working or travelling for work.
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Accommodation: Expenses for overnight stays required by work travel.
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Parking and Tolls: Out-of-pocket expenses for parking and tolls related to work travel.
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Tools and Equipment: Costs for repairing or replacing essential work tools and safety gear.
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Insurance and Professional Memberships: Fees for necessary insurance and memberships in professional bodies for your work.
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Home Office Expenses: Costs associated with using your home for work, like phone bills, postage, and stationery.
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As we handle your CIS tax return, we'll ensure that all valid expenses are accounted for. This precision helps avoid under-claiming, which could mean missing out on potential savings, or over-claiming, which could lead to complications with HMRC.
How Ultra Tax Ltd Can Help You With CIS Tax Returns
Navigating CIS taxes requires detailed attention to compliance and opportunities for tax efficiency.
Here’s what Ultra Tax Ltd brings to your business:
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Personalised CIS Tax Assessments: We conduct detailed assessments of your CIS tax situation to ensure accurate filing and maximum tax relief.
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Efficient Record-Keeping Practices: Guidance on maintaining comprehensive records of income, expenses, and CIS deductions.
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Recovery of Overpaid Taxes: Assistance in identifying and recovering any taxes overpaid during the financial year.
Why Choose Ultra Tax Ltd
We're here to take the hassle out of CIS tax for contractors.
Think of us as your go-to for everything from getting your CIS setup correctly, to sorting out monthly tax.
We'll give you the lowdown on keeping more money in your pocket, make sure your subcontractor paperwork is correct, and help you with any tax queries that you have.
Our goal?
To keep things smooth and easy for you, so you can stick to what you do best.
JOIN US TODAY
Based in Sunderland, our accountants are positioned in the perfect location to assist individuals and businesses across the North East. Join us today in three simple steps
Get In Touch
Schedule a complimentary consultation with your nearby accountant, either in person or phone call. This informal discussion aims to acquaint us with your needs and provide insights into how we can assist you.
Chat To An Accountant
We transparently outline the available support options and gladly take on the role of business advisors to assist you in the growth of your enterprise.
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Receive Your Fixed Quote
Our charges are set at a fixed rate and customised to suit each individual's requirements. This ensures that you only pay for the precise level of support and services that you need.