CIS tax - sub-contractors

[Adam_Porter]

Hi, I own a construction company and have sub-contractors that I pay CIS tax for. When I have paid this and I come to tag it, it doesn’t come off the Profit and loss. therefore the P&L is not accurate. Is there some I can do to rectify this?? thank you

[ian_roberts]

The fact that you’re paying CIS shouldn’t affect your P&L at all, it’s not changing the amount you’ve paid for the sub-contractors’ services, only who you pay the money to. Have you seen the knowledge base guide on how to account for CIS payments to sub-contractors?

CIS - Contractors

Introduction This guide explains how to enter your transactions into QuickFile if you’re a CIS Contractor. If you receive invoices from your subcontractors with CIS then you will only be expected to pay the NET amount, minus the CIS deductions to the subcontractor, the remainder will be paid to HMRC. 1. Create a bank account Think of this as a virtual bank account where you can track any CIS deductions on the invoices you receive. In the bank management section click the green button at the …