Construction Insider
Magazine

Get Access to the Construction Insider Magazine and Exclusive tips & tricks to scale your business.

You're all set!

Thank you for subscribing to the No.1 Construction magazine for construction businesses.

Oops! Something went wrong while submitting the form. Please check your email and try again
Close

We Use Cookies! Learn More

Sounds Good!
How To Offset CIS Against Taxes or Payment Into Your Account

How To Offset CIS Against Taxes or Payment Into Your Account

Day / Night Icon

How To Offset CIS Against Taxes or Payment Into Your Account

You are able to offset your CIS refund against your other tax bills such as Corporation Tax, PAYE, National Insurance. If you are typically receiving large refunds from HMRC, we highly recommend going gross status for CIS as this will massively increase your cashflow. This will stop you from paying your taxes in advance and only when it is due.


How To Offset CIS At The End Of The Tax Year


If you log into your HMRC Online Account, you will be able to complete the form to claim any CIS deductions.


If you prefer you can send HMRC a letter (and sometimes better results - use recorded delivery) for CIS repayment. You don’t have to include any calculations (it would help for clarification) however if the claim does not match HMRC records they will request further information. This can cause weeks of delay for your tax refund so ensure the figures are correct.


The letter to HMRC will have to include:


• The company name

• The PAYE reference number

• The amount reclaimed.


The address to send for HMRC CIS is:


CIS

National Insurance Contributions and Employer Office

HM Revenue & Customs

BX9 1BX


If the claim is for a refund into your bank account:


• Bank account number

• Sort Code

• Bank account holders name

• Write ‘repay CIS into the bank account above’


If you would like to offset against your VAT:


• VAT registration number:

• VAT return period

• Write ‘offset CIS repayment against VAT’


If you would like to offset against your Corporation Tax:


• The company UTR (Unique Reference Number)

• The accounting period to offset the CIS against

• Write ‘offset CIS repayment against corporation tax’


If you need any support in offsetting your CIS, reach out to us and we would be more than happy in supporting your construction business. If you are a subcontractor with large yearly repayments we would highly recommend going gross payments. Stop paying your taxes in advance! 

For more information take a look at our CIS Resource Hub here.


PS. Whenever you are ready, here's how to grow your construction business...

1. Join our Facebook Group which built completely for businesses within the construction industry. Real people, real support. - Now also available on LinkedIn.

2. Keep up to date with Construction Insider Providing you with industry insight, tips & tricks and much more to make sure you are ahead of your competitors!

3. When you are ready, Become a Saint Financial Group client, and we will provide you with the highest quality solutions to effectively scale your construction business. Book your meeting here!

Written by the team at:

Saint Accountants

Got a question? Ask us here 😉
SaintFG
x

Grab Your FREE Copy Here!

The Construction Survival Guide 2022

The only book you need to start up your construction business in 2021! The CSG becomes your new handbook offering everything that you need in order to create a successful construction business!

Claim Mine!
SaintFG

How To Grow Your

🚧 Construction Businesses 🚧

Get Started With Saint

Construction Insider

Modern Business Banking - Starling Bank

Having a bank that is as up to speed as your constuction business is essential, Starling our changing the game with their advancements in technologies and always aiming to be the Number one bank in the UK year on year.

Next Article