Can I suggest that as you are completing your own tax returns, you read the booklets relating to CIS that are produced by HMRC as you need to make sure you are fully comfortable with all the figures provided.
I say this with good intention as HMRC will not accept "someone on a forum told me to do this" if you are questioned on how you arrived at your figures.
-- Edited by Velbee on Tuesday 5th of July 2011 11:27:36 PM
you may read advice on this site but in general it's one bookkeeper or accountant speaking to another bookkeeper or accountant so the people involved in the conversation have an expected level of knowledge and training which is a legal defence in a situation where such offered information or advice is incomplete or incorrect.
I'm sure that you appreciate that giving advice out of context can get you in a lot of trouble so we try not to give advice directly to the eventual end users of such information although there have been some exceptions to this.
However, even though I won't give advice directly on this one I always try not to leave anyone out in the cold so go to this link which will confirm your existing understanding (note that the example given is at 17.5% rather than 20% but the general information given should put your mind at rest).
Sorry if this seems a little distant and less helpful than some threads that you may have read on here but I'm sure that you appreciate we have to be careful on anything that could be construed as advice to the end users of such information.
The site really is by financial professionals for other financial professionals as a sounding board for issues and worries whether related to software, training, tax laws, reporting standards, supervisory bodies, etc. rather than an advice line for end users who wish to keep costs down by keeping accounts in house.
Hoping that this response comes accross in the manner intended rather than in any remotely agressive way. Such is not the intent but we really have to civer our own backs when it comes to advice to people who are not part of the profession.
kindest regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
