Self Assessment
A Self Assessment Tax Return must be completed for any tax year in which you have had self employment income.
When you have registered as a CIS subcontractor, HMRC will request you complete a Self Assessment Tax Return for each tax year (6 April to 5 April) in which you have had self employment income. A Self Assessment Tax Return will have to be completed regardless of how much CIS self employment income you have had in any one tax year.
Many CIS Subbies are entitled to a CIS tax refund at the end of each tax year. You can only receive a CIS tax refund after you have completed your Self Assessment Tax Return.
What is a Self Assessment?
Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. However self employed people and businesses with other income must report it in a return.
How do I register?
You must usually register with HMRC for Self Assessment by 5 October following the end of the tax year in which the income or gains first arose, otherwise penalties may be applicable.
To register you can call HMRC on 0300 2003210 or register online at https://www.gov.uk/register-for-self-assessment
At Sovereign Plus, we ensure each Subbie is registered for Self Assessment and they have a Unique Tax Reference (UTR) number when they register (or have at least applied for it. This is a requirement for us to determine individual CIS deductions.
Our friendly team is here to help each individual get registered and verified so they are paying the correct tax.
Sovereign Plus Tax Return Service
Leave all the hard work and stress of completing your annual tax return to us.
- Low price of £175 (+vat) which you can claim back against your tax. Makes us even cheaper!
- We will deal with HMRC and get you your tax refund
- Submit all info online – Really easy, really fast and efficient
- No upfront costs as we take our fee from your tax rebate
Simply complete this form and we can get your tax return and refund sorted