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Ryan Lee - Gas Fitter

After successfully passing the requirements to be registered as a gas fitter with Gas Safe, it was Ryan’s ambition to build his own business. After five years of experience in the industry he felt that he was ready to take on this challenge.

In order for Ryan to start, he needed to invest quite heavily in equipment, advertising, a van with signs, as well as various other expenses involved in starting a new business. To finance this, he had used money that he’d saved up from his previous PAYE job.

The first year was quite successful for Ryan. He had secured some very good contracts as well as building up a good reputation in the local area. Some of his work was involved in the construction industry which meant that he’d paid some Tax through the year. But at the same time, because of the initial investments, he’d actually made a loss.

Ryan contacted QuickRebates to see what could be done. He knew that his business was going to be profitable in the future, but wondered whether he would be due any relief for the first year’s loss.

The strategy in this particular case was to make an Early Trade Losses Relief claim, which allowed Ryan to offset his loss in the year 2016 against his PAYE income for the year 2012.

In addition to making the early trade loss claim, QuickRebates reclaimed back the CIS Tax paid through the year meaning that the total claim had amounted to £4,528.

Case Details

Ryan Lee
Aid Provided
Early trade loss relief claim and CIS Tax refund.
Repayment Time
2 weeks for CIS Tax, 4 weeks for Early Trade Loss Relief
Tax Rebate

Important Facts

Other than preparing accounts for Ryan, this was a relatively straight forward case assisted by the fact that the regulations on the Construction Industry Scheme and Early Trade Loss Relief are quite clear. Facts assisting this case included:

  • Heavy initial investments creating a loss
  • CIS Tax had been deducted from income in the year and required to be claimed back
  • Sufficient PAYE Tax had been paid in the year 2012 allowing maximum relief for the loss made in 2016.

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Started or Looking to Start a New Business?

As with most business areas, the key to maximising Tax rebates and minimising liabilities is forward planning. The sooner you seek advice concerning Tax and National Insurance the better it is for you. Contact us today and see whether we can help.

Being late with a repayment claim can mean you can claim lessCurrent Tax relief rules state that you can only go back four years to make a claim for overpaid Tax. Act now and make sure you get every penny that you’re entitled to.
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