Ive already done this and understand…Ive just got a sub contractor invoice for 984.00 including vat as he’s got to amend this his end as he’s done wrong!
So breakdown this for entering onto QuickFile
sub total would be ?
He’s supplied materials of £100.00
My question is how do I account for the £100.00 materials he’s supplied? or does it all get entered on the heading sub total - £820.00 with the CIS vat reversal.
Because normally when I calculate on my own excel spread sheet
my gross total would normally have been (exc vat) 720.00
Less cost of materials £100.00
amount liable to deduct is 620.00 with £124.00 to pay over to HMRC Tax as he’s under the CIS scheme.
AMOUNT TO PAY IS £596.00 (then normally you add the vat on top of this amount) but now you don’t cause of the VAT reversal.