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
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?