tax2u Constructor

How much tax will I get back?

tax2u Constructor

On average we claim back to our clients around £2,514

If you made £12,570 this tax year, and you have been deducted 20% tax as you normally are if you are working on CIS intustry. 20% out of £12,570 is £2,514 in overpaid tax that we can claim back for you.

This is just a simple example as we will also need to calculate what your National Insurance contribution will be.

2023-2024 Tax Year is from 06/04/2023 to 05/04/2024

We can help you claim any overpaid tax paid already during this period, as on the first £12,570 taxable income (meaning income - expenses) made per year you do not have to pay tax on.

If your income is above the £12,570 tax threshold it will help if you kept receipts for your work related expenses (such as PPE & Tools, Transport, Bank fees). These expenses will be entered in the calculation to lower your taxable income.

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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