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Post Info TOPIC: CIS Payments
jillemily


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CIS Payments
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My client is a sole trader and some work has CIS deductions taken off invoice when paid do I put theses CIS deductions through as an expense? He is not VAT registered.

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Flex Accounting Services


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No, CIS deductions are tax deducted by the contractor from the sub-contractors invoices. The contractor should then pay this over to HMRC on behalf of their subbies.

At the end of the year when doing the self assessment tax return (for the subcontractor-your client), the CIS tax deducted is taken from the tax owed as this has already been paid throughout the year. Sometimes this can lead to a repayment of tax back to your client.

Hope this helps.

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Beverley Flanagan MICB, CB Dip, PM Dip.
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www.flexaccounting.co.uk
jillemily


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Thanks Beverley that was a help. My client is doing his SA himself so I suppose I provide him with the total CIS deductions for the year which he will then enter on SA.

How do I put these deductions through the accounts package? I use VT Transaction+

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blondie


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Hi,
Could you tell me if this would be the same for my client please? as he had a couple of lads doing the work with him...(building+construction) they had the CIS deducted (payments shown as taken off total owed by customers on paid invioce). So he didn't actually pay CIS himself but it was paid for the 'helpers'.
Do i include the CIS payments on HIS S.A as part of the companies expenses? His company being a partnership.

My apologies...this is the first time i have helped with a partnership S.A.





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