There are plenty of reasons why you may be owed a tax return or expense allowance by the HM Revenue and Customs. In case you pay tax over PAYE as an employee, your tax may have been measured wrongly.
Another possibility is that your self-assessment charge interest may have introduced flaws, indicating that you over-recompensed your tax rates.
If this is the situation and you are owed a compensation from HMRC, then you are probably asking yourself: how long does CIS tax return take?
How Long Does It Take to Reach Your Bank?
For many different types of rebates, it should go quickly, as soon as HM Revenues and Customs approves the transaction. Now, if you’re wondering how long it will take them to give the approval, that’s a different story.
Usually, the whole process lasts for 2-3 months on their end if there are no additional complications. If you hire CIS tax experts, it will take them a few business days to compile your claim and send it to the HMRC.
The claim will then be reviewed and you will wait for the green light. The HMRC will notify you of any updates to the whole process by using your phone or email. You are also presented with the option to choose a cheque or direct bank transfer for your payment.
The process can seem like something that takes too long. However, that’s an even bigger reason to start as soon as possible. If you’re working as a subcontractor, then you are possibly already due for a tax refund.
All individuals that are employed in the construction industry and paid by a contractor are able to apply for the CIS program.
Is it Possible to Make the Tax Rebate Process Go Faster?
It may seem like everything is controlled by the HM Revenue and Customs. However, there are a few things that you can do in order to speed up the whole refund. Here is some additional advice in order to make everything go much faster:
If you’re hiring CIS tax experts, you will need to sign a form which authorizes them as your agents. The form official number is (64-8) and you can download it online. After downloading it, fill it in and have it ready for submission.
It’s recommended to make more than three hard copies in order to ensure your own protection. If you are self-employed and have previously acquired a Unique Taxpayer Reference number, the process will go significantly faster.
If you still don’t possess a Unique Taxpayer Reference number. An expert will be able to help you and the process will take up to three weeks.
Doing self-assessment for taxes for the first time can be gruesome. You will need to open your record and it’s best to do it as soon as possible. You never know when you will need one and it doesn’t cost you anything.
If you start submitting your documents at the very last minute, something is bound to go wrong, as HM Revenue and Customs can be very busy at times.
Keep a Record
Each additional piece of information you can provide will get your claim approved much quicker. Keeping a record of your total expenses each year is a great idea for various purposes. Any work expenses might be subject to the government-issued allowance for UK citizens.
This can speed up the process dramatically and it will get you a bigger tax refund. Getting additional documents and papers from your contractor can sometimes be troublesome.
Employers are often worried about the nature of your request and they might suspect your motives. Explain everything in detail and contact HMRC if you are unable to make progress.
Your employers are bound by law and they have an obligation to release any documents concerning your own taxes and paychecks.
Getting a CIS tax refund can take a lot of time if you don’t know what you’re doing. Starting the process as soon as possible as well as gathering any available bits of information is crucial to completing this in a timely manner.
Hiring an expert can speed up the process significantly and set you on the right path to get your money back from the HMRC.
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