CIS Tax Rebate Deadline
If you are working as a self employed sub contractor under the construction industry scheme ( CIS ), the deadline for submitting your 2011-2012 self assessment tax return on-line is the 31st January!
If your CIS tax return is submitted late you will incur late filing penalties unless you have exceptional circumstances. The penalties for filing late are imposed even though you may not owe tax, which is different to previous tax years. You can submit your tax return either online or by paper return. The deadline for submitting a paper tax return is the 31st October which means if you submit a paper tax return after that date you will be issued a late filing penalty.
Many CIS sub contractors are due a CIS tax refund which is issued by HMRC after your self assessment tax return is completed. TaxRebateServices.co.uk receives an average CIS tax refund of over £1500 per client, so it is worth completing your tax return as soon as possible to avoid penalties and receive any tax rebate you may be due.
HMRC have have issued in the region of 10.6 million self assessment tax returns for the 2011-2012 tax year. The penalties for submitting a tax return late are as follows:
an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time;
– after three months, additional daily penalties of £10 per day, up to a maximum of £900;
– after six months, a further penalty of five per cent of the tax due or £300, whichever is greater; and
– after 12 months, another five per cent or £300 charge, whichever is greater.
There are also additional penalties for paying late of five per cent of the tax unpaid at: 30 days; six months; and 12 months.
TaxRebateServices.co.uk has many years experience in helping CIS sub contractors receive the highest possible CIS tax refund. Call today on 01228 520477 to see if we can help you claim back what you are entitled to.