If you are contracting in the UK’s construction sector, then seeing if you are entitled to a tax rebate is fairly straightforward, and certainly worth checking out.
It is a legal requirement that you submit a tax return annually to the HMRC, assuming that you work within the UK’s construction industry in this instance. It is quite possible that you could be entitled to a tax rebate of some sort, and this has a chance of being backdated up to four years if necessary. This could result in you receiving a lump cash payment or you could have the opportunity to keep this in your account to pay your tax for the current year. Either way, it is a nice surprise of money that you didn’t know you had.
Construction Industry Scheme
Certain expenses are taken into account when calculating how much tax that you owe and there are a number of expenses you can file in your return such as the below:
- Accountant fees
Furthermore, you can include vehicle running & petrol costs, and equipment hire, purchases and repairs. It is certainly worth finding out if you are entitled to anything, and so do not delay in finding out if you are due a tax refund.
To make a claim is fairly straightforward, providing that you have the correct and relevant paperwork to hand. You will need to look out your P45s and P60s for any relevant years you are claiming for.
If you are unsure on where you stand on any areas that have been touched upon above then get in contact with our tax agents. They will be able to ease you through the process and answer any questions you may have.