Hello.
Can someone please help me answer a question regarding a sub-contractor?
His employer is making 20% CIS deductions on his pay.
I am compiling his final accounts. It's the first time I have compiled a set of accounts for a CIS paid sub-contractor and need to double-check I have recorded the CIS deductions correctly.
At the moment I have entered the full (net) pay as a credit entry on the statement of profit and loss section of the ETB, with the CIS deductions showing as a debit entry on the statement of financial position of the ETB.
Are my entries correct please? A part of me thinks that I should show the net wage and no CIS deductions.
Thank you for taking the time to read my first post here as a newly licenced member.
Kindest Regards
Steve
Can someone please help me answer a question regarding a sub-contractor?
His employer is making 20% CIS deductions on his pay.
I am compiling his final accounts. It's the first time I have compiled a set of accounts for a CIS paid sub-contractor and need to double-check I have recorded the CIS deductions correctly.
At the moment I have entered the full (net) pay as a credit entry on the statement of profit and loss section of the ETB, with the CIS deductions showing as a debit entry on the statement of financial position of the ETB.
Are my entries correct please? A part of me thinks that I should show the net wage and no CIS deductions.
Thank you for taking the time to read my first post here as a newly licenced member.
Kindest Regards
Steve