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Level 1

cis deduction

Hi

 

when raising an invoice for say £120 to a contractor in will get paid £100 and £20 deducted for tax 

by contractor

i have raised and invoice for £120  but the bank will show i received £100   where do i put/show the tax deduction

 

regardds

3 REPLIES 3
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QuickBooks Team

cis deduction

Hi robbo1987

 

When you create the customer you will have to select is CIS contractor within the customer information. When creating an invoice you select/enter the customers name in the customer field the product and service will automatically populate with the CIS % rate. When you enter an amount the amount of CIS deducted will show in the CIS field and show a net amount that you will then receive in the banking screen and match it up/pay off the invoice.

Level 1

cis deduction

Hello,

 

I cant find any options for cis in quickbook self employed. Is there an option or is this only available for quickbook online.

Highlighted
QuickBooks Team

cis deduction

Hi @Redled,

 

What you said is correct. It's QuickBooks Online (QBO) that has the option to manage CIS transactions. 

 

I suggest subscribing to a QBO company if you need to record these transactions. You can refer to the Plans & Pricing page to see which version suits you best.

 

Have other questions in mind? Share them in the comments below, and I'll get back to you.