CIS SELF ASSESSMENT - How To Maximise Your Tax Refund 21/22
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- Опубліковано 14 тра 2022
- Today I'm explaining how to prepare and submit a self assessment as an individual working under CIS. I'm also covering steps you should follow in order to maximise your tax refund.
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Thanks for the fantastic breakdown! Don’t feel so scared now 😅
Thanks so much for the information. I now feel confident that I can do my sons CIS tax return.
Thanks, great video. You've saved me hours of stress & headache.
Thank you. Answered all my questions. Full steam ahead. The xl spreadsheet is a great help. Going to set up a business account for next year to make it easier. Also going jot down my miles daily. So many useful tips. Amazing.
Thank you for the video. I don't deal with this stuff professionally but was asked to help someone and I was on the verge of crying with frustration, until I found your very informative and helpful videos.
Great video thanks for posting
Thanks, this video answered to all my questions regarding CIS self assessment.
Thanks for this - i've ben self employed since November and was dreading my first tax return but this video was a massive help - thanks so much
Brilliant video thank you sir!
I've been completing self-assessment forms for several years but have still got some sound advice from this video. It's been a great help as lots of the explanations are not clear. Thank you so much. I wish I had found it sooner.
Please can I thank you.
I also want to ask two questions
1, I am self employed but earnt money doing a temp job in covid. Ie a secondary income. Where do I put that £2000 earned salary on the tax return that was through a recruitment agency?
2. Can I claim a monthly salary as a self employed owner. There is only me in the business?
Very helpful
Really helpful thank you so much 🙏👍
Great explanation. Waiting for 22/23 🙂
Thank you this video has helped loads :) Last year i had to enter reference number from the company i sub to, so they know who paid my taxes, does this not have to be entered this year?
Great video and very helpful! Thank you.
Just a question regarding the page you’ve skipped do they need to be filled out mandatory or just all you showed is enough?
Many thanks
After 15 years of being self employed I never received a tax rebate. Mind you I never paid tax in the first place.😂😂😂
😂😂😂
Thank you for the video, how do you do the excel spread sheet in 15mins???? Looking at yours with the individual dates ,item, store ,and price ect would take me forever
great vid, do you have the template for that spreadsheet?
Great help. Can I ask if you have a workshop in the garden and work full time from there, can I claim the living at home expense for two people at £500 per month? thanks.
Started completing a tax return that needs to include a second hand van- £2,000 100% business use. What section should this be included in? Have always used the cash basis and simplified exp for mileage. Read that you shouldn’t change what basis you use year to year. Thanks !
I think if use the Flat rate for car expenses you got to remove the insurance cost too, correct?
Thanks, It's really helpfull
You're welcome!
Hi very useful video just one question where you have entered your GROSS income further down the page after you insert your expenditure why does it state NET profit instead of GROSS? This is throwing me off making me think I need to enter my income as NET figure?
Do you have a video on how to do self assessment for a side hussle if you have full time employment
Hello,
Can I also use TFL tickets (visible on my bank statements) as transport to work to use as expenses?
What about sipp pension contribution?
Any good towards experiences?
Thanks
Hi Adam, I think we can claim allowable business expenses for training courses as well but you didn't mention about it. Let say you've done IPAF, PASMA, Demolition or Slinger Signaller courses during your tax year. These courses are definitely related to construction business so we can add them as an expenses. What about doing construction related NVQ? I hope we can also add getting NVQ to expenses.
HMRC says
You can claim allowable business expenses for training that helps you improve the skills and knowledge you use in your business (for example, refresher courses).
The training courses must be related to your business.
You cannot claim for training courses that help you:
- start a new business
- expand into new areas of business, including anything related to your current business
In this case NVQ should be acceptable as expenses.
What do you think guys?
Can parking costs for the work vehicle paid throughout the year be classed as an expense. Or does that fall under the flat rate for vehicle expenses. My accountant hasnt claimed any parking costs for the last 4 year, avg of 8.50/day for parking?
Thanks for the video. I am new in this thing. Is 900£ all you will refund from almost 50k
ive bought a pc which i use mostly for work can i put that in expense.
Dose it include insurance?
Hi what can you claim if you use a electric car? Can I claim for charging at home or else where.
Yes you can , in fact there are 2 ways to claim for travel cost ( Though keap in mind , HMRC does not consider eligible cost, the Home To work Travel )
1 - the actual costs of buying and running your vehicle, for example insurance, repairs, servicing, fuel.
2 - Calculate your vehicle expenses using a flat rate for mileage instead here are more details www.gov.uk/simpler-income-tax-simplified-expenses/vehicles-
Quick question. I have just set up under cis and i am wondering am i able to claim back any tools now that i purchased prior to self employment or does it start from the date i registered for self assessment? Cant seem to find a definitive answer online
You can only claim what you have purchase from the moment you registered as Self Emplpyed CIS . If you need more help please email us at info@tax2u.co.uk
how do i do my self assesment as a person working for a company but classed as self employed ( it asks on self assesment for my company name but i dont own a company )
i am a labourer at a utilitys firm. thanks
This is what I’m having trouble with did you find out in the end?
@@ewandevonshire8917 yes you just click no when it asks if u were self employed and just fill in the bit where it asks what company you worked for. very confusing
What’s the next step after it authorises it, how can I claim it now? , wasn’t given option to put card details in
You need to log back into your account 3 days after submission to claim any refunds that are due. There should be a link that appears after 72 hours.
if i paid 5.5k how much would i get back
Do I take off the £12,570 personal allowance from my total turnover?
No they do that for you
Guys, just use an accountant to do your assessments. Your fee is covered by the return.
Why's the cis only for construction?or is it a lose term
It was brought in in the 1970's as a lot of builders came over from Ireland and retuned without declaring their income. It was brought in to ensure tax is paid at source to tackle tax evasion, as the construction industry was notoriously non compliant
So you paid 9000 pound to much tax so they gave you refund of 900 that don’t sound right to me
Please could you check your emails?
A low tax return for gross of £48,000. Especially cis 20% of 12,500!
Working from home allowance £10per week is £520 per year not £120 per year
Yes you can verify it here on HMRC www.gov.uk/simpler-income-tax-simplified-expenses/working-from-home or you can email us info@tax2u.co.uk and will be glad to help you
Take 25% of your net payment, add it to the net = gross
Why does he only get a return of £900 odd, thought it would be way more than that ?
I bought a car which I use only for work. Should I put this as expense or should I fill in capital allowance section. Which one benefit me. If you can answer please