Accounting for CIS Payments

[Subneural]

I use Microsoft accounting for keeping my accounts but have done a fair bit of work for another sparky and have had CIS deductions taken out of the payments.

Whats the best way of logging these through my accounts. I've got the statement from his accountant taking the payments off me but want to make sure I put it through my accounts showing as paid.

Has anyone else had to do this?

 

[batty]

Subneural

I use quickbooks. What I do is put bill with deduction at bottom of cis with amount received on it. What you receive is the important amount. But have a word with your accountant.

Batty

 

[Evans Electric]

All I do is to save the CIS statements showing the 20% deductions until that years accounts are closed. My accountant then deals with them, deducting any CIS from my overall tax bill.

A warning to one and all. YOU MUST GET THOSE STATEMENTS . No one is obliged to supply them , which is bloody stupid really. I know a chippy who subbed to a builder who stopped him CIS tax for a year, no statements. Builder disappears, had not paid the taxes to IR, chippy has no proof that stoppages were made.