Ashna Limited - Chartered Certified Accountants

You can claim a repayment of your CIS deductions if you’re a limited company subcontractor and you’ve paid too much tax or National Insurance. You can claim this either by post or online however you need to submit your claim by post if you want HMRC to pay an agent or other nominated representative. You can also ask HMRC to deduct your overpayments from other amounts you may owe (Corporation Tax,VAT or other liabilities)

HM Revenue and Customs (HMRC) has published a draft statutory instrument for technical consultation with a draft explanatory memorandum and draft tax information and impact note.

The draft legislation will make supplies of standard or reduced rated construction services (‘specified supplies’) between construction or building businesses subject to the domestic reverse charge, meaning that the customer will be liable to account for VAT due, instead of the supplier.