CIS - Self assessment


J

JH

Hi!

Just need someone to clarify that my thinking is correct.

For subcontractors, obviously with CIS vouchers the period of account would
have to fall in line with the tax year, i.e. 6 Apr - 5 Apr.

Thanks

Julie
 
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M

Mike Lewis

JH said:
Hi!

Just need someone to clarify that my thinking is correct.

For subcontractors, obviously with CIS vouchers the period of account would
have to fall in line with the tax year, i.e. 6 Apr - 5 Apr.
You can still prepare your accounts to any year end you like. Then you
submit vouchers for tax paid in the year ended 5 April.
 
T

Troy Steadman

Hi!

Just need someone to clarify that my thinking is correct.

For subcontractors, obviously with CIS vouchers the period of account would
have to fall in line with the tax year, i.e. 6 Apr - 5 Apr.

Thanks

Julie
Most accountants have their clients on 5th April / 31st March year ends
(the two are synonymous) because although you can obtain a cash flow
advantage in the earlier years by picking a different date that cash
flow hits you when you can least afford it - as your business ceases.

There are two widely differing CIS subcontractors:

1) Works for the same company all the time and drives their van.
2) Works for various companies and drives his own van.

Both need to watch out for the VAT threshold, don't forget to gross up
the payments by the CIS tax and then apply it to the threshold over a
rolling 12 months.




--
 
D

David Floyd

Hi!

Just need someone to clarify that my thinking is correct.

For subcontractors, obviously with CIS vouchers the period of account would
have to fall in line with the tax year, i.e. 6 Apr - 5 Apr.
No, not necessarily so. You can choose your own year end, as with any
other business.

David
 
J

Jon Griffey

Troy said:
Most accountants have their clients on 5th April / 31st March year ends
(the two are synonymous)

....and hence a very busy workload this time of year!

--
Jon Griffey FCCA CTA
Hackett Griffey
Chartered Certified Accountants & Registered Auditors
2 Mill Road, Haverhill, Suffolk, CB9 8BD

Tel (01440) 762024

www.hackettgriffey.com

See website for disclaimers
 
D

David Floyd

Most accountants have their clients on 5th April / 31st March year ends
(the two are synonymous)
Only for LO Sub-contractors as it's easier to tie up with CIS vouchers.
Most other client's (which by far are in the majority) are on other
years ends, particularly 30th April - giving 11 months more for me to do
the work.

DF
 
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