cancel
Showing results for 
Search instead for 
Did you mean: 
Not applicable

Hi. I'm using CIS Tracking and have entered the subcontractor invs & got the CIS reports for submission to HMRC. How do I now record the payment to HMRC against CIS? TIA

So I have set up all the subcontractors, entered their invoices, allocated payments and ran the CIS reports for submission to HMRC.

I will need to enter the payment I make for CIS deductions to HMRC so it shows going through the bank account - what is the correct procedure for this please?  

Thank you 

Solved
Best answer 02-07-2019

Accepted Solutions
Highlighted
Not applicable

We have been using the new CIS feature with a number of o...

We have been using the new CIS feature with a number of our clients, we tend to advise two different ways depending on circumstances :

1) if client runs a payroll for Employed staff:

Create a journal dated 5th of month as follows:

Dr CIS Withheld £1000

Cr CIS Suffered £200

Cr Tax and National Insurance £800

(if you are CIS Gross ignore the CIS suffered line)

Then raise cheque against Tax and National Insurance for total payment to HMRC

2) if you don't have employees, then raise cheque for payment to CIS withheld

If you also suffer CIS then create journal from CIS Suffered to CIS withheld for amount Suffered.

Note the CIS withheld account may not reconcile to £0 on 5th of month as CIS reports are on as paid basis but deductions are recorded in QBO at transaction/invoice date.

View solution in original post

1 REPLY 1
Highlighted
Not applicable

We have been using the new CIS feature with a number of o...

We have been using the new CIS feature with a number of our clients, we tend to advise two different ways depending on circumstances :

1) if client runs a payroll for Employed staff:

Create a journal dated 5th of month as follows:

Dr CIS Withheld £1000

Cr CIS Suffered £200

Cr Tax and National Insurance £800

(if you are CIS Gross ignore the CIS suffered line)

Then raise cheque against Tax and National Insurance for total payment to HMRC

2) if you don't have employees, then raise cheque for payment to CIS withheld

If you also suffer CIS then create journal from CIS Suffered to CIS withheld for amount Suffered.

Note the CIS withheld account may not reconcile to £0 on 5th of month as CIS reports are on as paid basis but deductions are recorded in QBO at transaction/invoice date.

View solution in original post