As well as my own contracts I occasionally work for a builder who has to stop me 20% tax from my invoices. Is there any way to record this on the invoices and have it showing in an account somewhere as a seperate figure to the income from the invoice balance?
Do a search for CIS on here, there’s a few guides on how to do this.
Its a bit of fiddly but basically.
Create the sales invoice for the full amount.
Create a new nominal called cis tax and place it in taxation category or similar.
Create a new bank account and call it contractor account.
So when your paid create a money in transaction in the new account for the full amount. Tag it to the invoice.
Create a money out transaction for the cis suffered and tag it to your new cis nominal.
What you have left is a balance which will be the same amount as you’ve been paid.
Create a money out transaction for the balance and tag it as a transfer to your normal account, making sure to match it to the payment received in that bank account.
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