UK Self employed electrical improver

[Kuba]

Thanks so much for your feedback, very helpful. I think I’ll go with an accountant in the beginning at least because I have no experience with dealing with my own tax ?

 

[Midwest]

When I was finishing my self employment, I believe separate NIC contributions were ending. They are now taken by HMRC via your tax bill?

 

[Baddegg]

An accountant can advise you further but bear in mind accountants interpret tax law in different ways so some are a bit more amenable to allowing certain costs than others.
Source URL: UK - Self employed electrical improver - https://www.electriciansforums.net/threads/self-employed-electrical-improver.179291/#post-1579889
Bit like a spark and 7671

 

[telectrix]

another minefiels is that CIS applies only to installation work. maintenance, repair, alarm and CCTV work ( if you do them) are not subject to CIS deductions.

 

[Zerax]

In a nut shell the main contractor will deduct 20% from what ever labour invoices that you give to them. It goes into a tax kitty....

The 'Contractor' who you invoice and deducts the 20% will pay this over to HMRC on a monthly basis. He should be giving you paperwork that shows what he has taken. You can check with HMRC to see that he has paid this to them.

 

[Dustydazzler]

The 'Contractor' who you invoice and deducts the 20% will pay this over to HMRC on a monthly basis. He should be giving you paperwork that shows what he has taken. You can check with HMRC to see that he has paid this to them.

Yes , I used to get a CIS stub every 3 months from contractors which would show the amount of CIS tax that was paid on my behalf.
The stubs should tally what the HMRC received and that amount is put on you self assessment tax return.
I didn't mind doing CIS as it always meant you had the tax put aside before you had chance to spend it....