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CIS contractors CIS subcontractors Construction Industry Scheme (CIS) COVID-19 Dividend income Employment income Income tax Non resident landlords PAYE Property income and buy to let (BTL) landlords Self Assessment tax return Taxation Services UK Taxation

Taxing times for UK taxpayers

Taxing times for UK taxpayers are upon us because of Coronavirus. Canalitix Accountants have created a set of income tax calculators and schedules to aid tax payers with their income tax planning. The income tax calculators will focus on the construction industry and buy to let (BTL) property investors. Prior to COVID-19, BTL property investors […]

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CIS contractors CIS subcontractors Construction Industry Scheme (CIS) Income tax Self Assessment tax return Self employment income Taxation Services

Construction Industry Scheme (CIS) Tax Rebate

Construction Industry Scheme (CIS) tax rebates are available to subcontractors. HMRC requires contractors to register for CIS and to verify subcontractors to determine the correct CIS deduction rates. CIS deductions are treated as advanced payments of Income Tax and National Insurance. CIS Deduction Rates Subcontractors registered with HMRC pay the standard 20% deductions, as opposed […]

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CIS contractors CIS subcontractors Construction Industry Scheme (CIS) COVID-19 PAYE Taxation Services The Coronavirus Job Retention Scheme UK Taxation

COVID-19: Construction industry furlough claims rejected

COVID-19: Construction industry furlough claims rejected as ineligible. Why are claims by construction companies for furloughed staff being rejected as ineligible? One of the qualifying criteria for claiming 80% of the salaries of furloughed employee under the Coronavirus Job Retention Scheme (CJRS) is that the employer must have operated a PAYE scheme prior to the […]

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CIS contractors COVID-19 Help with VAT PAYE CIS and Corporation Tax Help HMRC and Companies House filing deadlines IT Contractors PAYE Taxation Services The Coronavirus Job Retention Scheme The Self Employment Income Support Scheme UK Taxation

COVID-19: Befuddled? We are tax agents

COVID-19: Befuddled? We are tax agents who can guide you through the Coronavirus Job Retention Scheme (CJRS) and Self Employed Income Support grants. HMRC has recently reached out to Canalitix Accountants and other UK tax agents to assist businesses with their claims for furloughed staff wages under CJRS. The CJRS dedicated online claims system is […]

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CIS contractors CIS subcontractors COVID-19 Income tax Self Assessment tax return Self Assessment tax return filing deadline Self employment income Taxation Services The Coronavirus Business Interruption Loan Scheme The Self Employment Income Support Scheme UK Taxation VAT

COVID-19: The forgotten self-employed

COVID-19: The forgotten self-employed are individuals who have started their self-employment businesses since 5th April 2019 and, as a consequence are excluded from claiming grants through the self-employment Income Support Scheme. Being self-employed is like walking a tightrope and trying to balance the demands of creditors, staff and bank overdrafts on the one hand while […]

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CIS contractors CIS reverse VAT CIS subcontractors Construction Industry Scheme (CIS) Taxation Services

Fraud and the VAT Reverse Charge

This article entitled Fraud and the VAT Reverse Charge is meant to provide an insight into the changes coming into force on 1 October 2020. HMRC considered fraud prevention as the primary reason for introducing the VAT reverse charge to the construction and building services industry. The VAT Reverse Charge which was initially planned for […]