If you work as a self-employed CIS subcontractor, Making Tax Digital change show you report your income and expenses during the tax year.
Instead of only bringing your figures together for one annual Self Assessment tax return, you’ll keep digital records and send quarterly updates to HMRC using compatible software, like MTD 4 Subbies.
Your CIS deductions are handled separately. They count as tax already paid and are taken into account when your final tax liability is calculated at the end of the year.
That distinction is important:
● quarterly updates report your business income and expenses
● CIS deductions are not a business expense
● your year-end tax return brings everything together
● you may receive a CIS tax refund if the deductions exceed your final tax liability
We're building a simpler way for UK CIS subcontractors to track income, expenses and stay ready for Making Tax Digital.
Register your interest today and we'll let you know as soon as launch dates and early access become available.
