Not sure where my CIS tax repayment from HMRC goes. Would I tagg it on the HMRC refund button under PAYE liability or create a new nominal account say called ‘CIS tax refund’ and tagg under ‘other not on the list’ as i have done with all CIS paid payments.
It should go against the same account which showed CIS debtors in balance sheet. How did you record CIS refund due in first place?
Hi, we are contractors and sub-contractors. For the sub-contractors part, I’ve recorded all CIS deductions in a separate Loan account (using previous QuickFile help) by creating a ‘CIS tax paid’ nominal account. This now shows up on the balance sheet. On receiving the CIS tax refund, I’ve now created another nominal account called ‘CIS Tax Refund’ and tagged that refund from our business account to this using the ‘something not on the list’. This is now showing up on the balance sheet too so it all seems to be working fine thanks. Helen
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