CIS Tax Rebate

Short Definition: A refund of overpaid tax under CIS.

Long Definition: A CIS tax rebate is the money a subcontractor can claim back when too much tax has been deducted throughout the year. This usually happens when allowable expenses reduce your actual tax liability below what has already been paid via CIS deductions. To claim a rebate, subcontractors must file a Self Assessment tax return. Rebates can be significant, especially for contractors with high expenses or periods of inconsistent work.