Are you being paid as part of the CIS scheme? In this scheme many of our clients are entitled to rebates as the contractor retains 20% of your earnings (sometimes 30%) which gets paid over to the taxman on your behalf.
In many circumstances you can be due a rebate as the amount of deductions by the contractor generally cover your tax and national insurance liability. Working in the construction industry and being self-employed you generally have many expenses to claim against your earnings which reduces your tax liability further.
As you are self-employed you will be required to pay class 4 national insurance upon completion of your tax return. Generally the deductions made by the contractor will cover the cost of national insurance and tax on your earnings.
‘John is a joiner who is a sub-contractor in the C.I.S scheme. In the tax year 2013/14 he earns £36,000 gross pay, of which the contractor has deducted £7200, therefore his take home pay is £28,800 net. John also has incurred allowable expenses of £7000.
John would receive a payment of £1320.96 from Panther Tax Back
This is an example and each individual client’s circumstances are different.’
Many clients are unaware of their responsibilities to pay tax and national insurance, we will always be there for the client making sure they are doing everything correctly and paying all taxes as required by HMRC. For example many clients are unaware that being self-employed they are required to pay class 2 national insurance contributions of £2.70 per week during 2013/14 (rising to £2.75 per week in the 2014/15 tax year).
We will personally work with each client to ensure they can carry on doing their job without worrying about HMRC being on their backs.
Download the forms below!
Print the forms, fill in your details and send it to us at: Panther Tax Back Ltd, 82 King Street, 3rd Floor, Manchester, M2 4WQ
We will contact you by telephone to collect details from you.
We bank transfer your cash!
If you have any questions then contact us and we will happily speak you through the process.