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Where Taxpayers and Advisers Meet
CIS deductions
I am self employed with a relatively new business (just finishing 2nd year trading) its a plumbing and heating business. I started it with nothing except hand tools so everything is being purchased as I go along including an old van which has been nothing but trouble. The problem I've got is I want to grow my business with a new van and some dedicated advertising but CIS deductions are making it difficult. I'm having 20% deducted from my gross pay every week. Is there a way to be exempt from this because a new (or newer used) vehicle and advertising would be tax deductible. I feel like I'm being held back - I would be paying less tax for the short term I would be able to take on private work with would be more profitable and in turn I woukd pay more tax.
Re: CIS deductions
You'll get a tax rebate at the end of the year, so use that to buy the van.
With a pinch of salt take what I say, but don't exceed your RDA
Re: CIS deductions
If your past turnover is at least £30,000, you may be able to apply for gross payment status. For detailed conditions see
www.gov.uk/what-you-must-do-as-a-cis-su ... ent-status
www.gov.uk/what-you-must-do-as-a-cis-su ... ent-status
Re: CIS deductions
But you will have to make payments on account.
