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In credit with HMRC sub contractors logging payments from a virtual account

#1

Continuing the discussion from CIS - Contractors:

I’ve followed the steps for the above, I am in credit with the Revenue! Ie I paid to much money over as computer crashed. However I owe less than what the virtual CIS account says.

How do you clear down the account as only got to pay over example £100.00 out of the £450.00.

Screen shots will help me aswell.

Anyone help me please.

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Sub contractors virtual CIS bank account
#2

I’ve followed the steps for processing a sub contractor invoice, but I am in credit with the Revenue! Ie I paid to much money over as computer crashed. However I owe less than what the virtual CIS account says.

How do you clear down the account as only got to pay over example £100.00 out of the £450.00.

Screen shots will help me aswell.

Anyone help me please.

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#3

Hi @Claireabell

This may be best answered by a bookkeeper / accountant, but we’ll try our best to assist you.

Normally it would be treated in the same way. You can enter refunds from HMRC the same as you can payments to by tagging the payment as a tax refund.

Is it the case that HMRC wrote part of the payment off, resulting in a reduced balance?

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#4

Yes HMRC have wrote off part of payment resulting to a reduced balance…so I have just got to pay £100.00 out of the £450.00 that is showing on the CIS BANK ACCOUNT.

Screen shots would help how to do this process.

Many thanks

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#5

Hi @Claireabell,

Unfortunately we are not really sure how to answer your query correctly as neither me or @QFMathew are accountants we wouldn’t want to give you the wrong advice. If you seek advice from an accountant as to how to account for this we will be able to assist you with how to process their advice on QuickFile.

Sorry we couldn’t be more help.

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