If you are self-employed and had tax deducted at source under the CIS, you are allowed to reclaim allowable expenses via your annual CIS return. Any self-employed person with reasonable expenses will certainly have overpaid in tax and will be due a CIS rebate typically in excess of £2,000!
CIS tax returns are completed by our sister company IN-SYNC Tax LLP. If you work under CIS you are required to complete a self-assessment tax return. You will need to provide details of all pay you have received from your contractor, or contractors, in that tax year. This can be in the form of invoices or a statement which will also show how much tax you have paid in that tax year. If you have incurred job expenses you will also need to include these on your tax return. The most common expenses can include tools, business mileage, accommodation and subsistence costs. These expenses will reduce your tax liability for that tax year. If you have had any employment under PAYE or made a Job-seekers claim during the tax year you will also need to enter the pay and tax figures for these on your tax return. This information can be found on your P45 or P60.
Complete the contact form and we will call you, or alternatively call us on 01252 702270 to speak with one of our sales agents. We will send you a promo code to complete your online application, then sit back and wait for your payment!
Complete the contact form and we will call you, or alternatively call us on 01252 702270 to speak with one of our sales agents. We will send you a PIN code to complete your online application, then sit back and wait for your payment!
The SEL credit facility is a loan which has been underwritten by IN-SYNC Credit Services based on your current Tax year self –assessment and earnings to date. The amount of loan you can have depends on your rebate at the point of your loan being taken. It basically works the same way an overdraft facility does. You have an agreed amount you can draw from. You pay this back over the agreed term, you then have the amount at your disposal again.
- You can borrow up to 85% of your current Tax year rebate by supplying IN-SYNC; with your current earnings to date for this current Tax year and you can choose to repay your loan over up to 12 weeks or 9 monthly instalments.
IN-SYNC Credit Services interest rates are one of the lowest rates in the market and it depends on your personal circumstances. Please contact us directly for specific queries regarding the interest rates.
- If you are already registered with IN-SYNC Group, after IN-SYNC Credit Services have confirmed you are eligible for the loan the application should take roughly 5-10 minutes for you to complete online.
- Once your application is successful, you will have this credit facility available to you.
You automatically have a 14 day cooling off period where you may cancel your loan agreement with no financial penalty. You will however, still be required to pay any daily interest accrued on the loan agreement within that cancellation period.
The CBA facility is an advance on your self-assessment rebate for the current tax year. The self-assessment will be used to pay off the advance payment once IN-SYNC tax submits your self-assessment and receives your rebate at the beginning of the new tax year.
There is no requirement for you to make repayments on the advance. When IN-SYNC Tax receive your tax rebate from HMRC we will simply deduct the amount advanced to you previously automatically and pay any surplus directly to you.