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Post Info TOPIC: CIS repayment from HMRC (entry to books) - Limited Company
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CIS repayment from HMRC (entry to books) - Limited Company
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Hi,

client received CIS repayment from HMRC for overpaid CIS tax. How this incoming money should be coded in books? 

Kind Regards



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Artois


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Community wrote:

Hi,

client received CIS repayment from HMRC for overpaid CIS tax. How this incoming money should be coded in books? 

Kind Regards

 How have you accounted for the CIS that has already been suffered on the gross Invoices? Normally this would just offset against it



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Doug

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Hi Artois,

As "CIS Tax Liability Realised".

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Artois


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Well then just Debit Bank and Credit CIS Tax Liability Realised

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Doug

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Thank you,

What if I have client who is just subcontractor (not a contractor) and he received money from CIS Overpayment?

What would be posting here?

Appreciate your help.

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Zoorbing


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Community.

Think about your original double entry. Then think about your double entry when you receive a rebate.The double entry is basic level bookkeeping. If you dont understand the mechanics of CIS you should be leaving it to someone else.





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Artois


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As said above double entry is the key, Still the same postings as I said for recording the refund.

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Doug

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