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What is a tax return/self-assessment?

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Self-Assessment is a system used by HM Revenue and Customs (HMRC) to collect Income Tax.

Income Tax is often deducted automatically from wages, pensions and savings, known as Pay As You Earn (PAYE). People and businesses with alternative income streams must report them in a Self-Assessment tax return.

If you registered as self-employed or have applied for a Unique Tax Reference (UTR) then you must submit tax return to HMRC every year, failure to do so can lead to serious fines and penalties. You can submit your tax return either online or by completing a paper form.

You will need to have kept records of your income and business expenses in order to submit your tax return. If you do not automatically receive monthly payslips from your employer, it is your employer’s legal duty to provide them so that you can submit your tax return, so make sure to ask them.

HMRC can charge you a penalty if your records are not accurate, complete and legible.

Tax2u are here to help get your tax return submitted to HMRC accurately and on time. Once you have sent us details of your income and expenses, it is time for you to sit back and relax while Tax2u does everything for you. Once we have submitted your tax return and HMRC have notified us of your rebate eligibility, we will get your tax rebate transferred to your account within 24hrs.

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CIS stands for Construction Industry Scheme, it’s a tax legislation put in place by HMRC to ensure all construction workers pay their tax. Read more

Some Your client or contractor has to deduct CIS tax from your pay each and every time they pay you. They then pay this tax deduction to HMRC who hold it on your account until your submit your tax return. Read more

Everyone in the UK gets a tax free allowance, this is the threshold before you have to pay any tax. However, as your client has already deducted your tax from earnings under the threshold you can claim it back. Read more

If you have earning over the minimum threshold (£12,570 for tax year 2023-24) then you can maximise your tax rebate by offsetting your income with business receipts. Read more

The main thing that you need is your CIS deduction certificates, payslips or your bank statements to prove income and tax deducted. Read more

You can claim back your CIS tax on the 6th April each year for the previous tax year. You then have until the 31st Jan (the tax return deadline) to submit your tax return. Read more

To claim back your tax you need to submit your self-assessment tax return. Read more

A CIS deduction certificate is the payslip that your client should give you each and every time you are paid. It will show the Gross, Nett and Tax deducted amounts that tax2u will need to reclaim your tax. Read more

It really couldn’t be simpler, log in or create your free account, upload your CIS deduction certificates / payslips and our accountants will do the rest. Read more