Claim Your Tax Refund Faster 
CIS subcontractors often have deductions taken from their payments by contractors. These deductions are counted as prepayments toward your income tax and National Insurance contributions. If too much has been deducted, you could be entitled to a tax refund once you submit your Self-Assessment tax return. The faster you file, the quicker HMRC can process your refund.
The process of getting a refund can be slow if you wait until the deadline to file your tax return. By submitting it earlier, you speed up the refund process and get the funds you need sooner—especially important if you’ve had a quieter period of work or need to cover expenses.
Avoid Late Filing Penalties
HMRC expects all tax returns to be submitted on time, and the deadlines are strict. CIS subcontractors must submit their tax returns by 31st January each year for the previous tax year (6th April to 5th April). If you miss this deadline, you could face fines and interest on any tax you owe, as well as the possibility of an increased penalty if your tax return is excessively late.
Filing early can help you avoid these late fees and ensure you’re not unnecessarily penalised. It also gives you peace of mind, knowing your tax affairs are in order well before the deadline.
Take Advantage of Tax Planning Opportunities
Filing your tax return early gives you ample time to review your financial situation with your accountant and identify ways to reduce your tax liability. There may be deductible expenses that you can claim, such as costs for tools, protective clothing, vehicle expenses, or training, which can reduce your overall taxable income.
By filing early, you also have more time to work with your accountant to manage your tax liabilities in the most efficient way, rather than rushing through the process closer to the deadline.
At Llewellyns Accountants, we offer tailored services to help CIS subcontractors file their tax returns accurately and quickly, ensuring they don’t miss out on potential refunds.
As a CIS subcontractor, filing your tax return quickly is key to securing your tax refund, avoiding penalties, and managing your financial situation more effectively. By staying organised, using accounting tools, and seeking professional advice, you can streamline the process and ensure you’re not leaving money on the table.
If you’re unsure about how to file your tax return or need assistance with CIS-related matters, Llewellyns Accountants is here to help. Our expert team can guide you through the process and help you claim any refunds you’re entitled to—quickly and efficiently.
Contact us today to discuss how we can assist you with your CIS tax return filing and ensure you’re on track for the best possible outcome this tax season.