Hi, read all CIS info. Still no idea how to enter an invoice regarding CIS. I’m the subcontractor. I’m not registered for CIS, therefore contractor withheld 30%. I invoiced £1414 and was paid £1019.80. No idea what to do next. Because if I enter paid that isn’t going to show the tax withheld, so I’m stuck! Anyone help please? Thank you.
So you need to create a new nominal in the chart of accounts for cis paid.
You also need to create a new bank account call it whatever you like.
When you are paid. Record a transaction for the full invoice amount and tag it to the invoice from the new bank account.
Then record a money out transaction for the 30% cis tax and tag it to the new nominal you created by clicking on something not in this list and selecting that nominal.
Finally what you are left with is a balance, which should be the same as what you were paid, tag that as a transfer to your bank account and match it up to the money in to your real bank account.
My son in law is CIS25 so I’m used to this. If you’re still confused email me direct at
dbyard@btinternet.com
Thanks very much. I’ll try this out tomorrow.
Regards,
Rich.
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