CIS deduction errors?
Dcollins
Registered Posts: 179 Dedicated contributor 🦉
Doing bookkeeping for a small subcontractor, and am getting frustrated with remittance advice notes from contractor. Some are OK, but others I don't understand.
This is an example from 2010:
Work done on site xxx £1409.80
Less contracharge invoice £164.50 (which included VAT at 17.5%)
I don't have a problem with the above, but the calculation quoted is:
Gross value £1,245.30
Less materials £0.00
Liable to deduction £1253.53
Tax deducted £250.71
Net payment £1002.82
There is no other financial information on the document. Am I missing something? The contractor is a large company, so should (we hope) be getting it right.
Where does £1,253.53 come from?
Any help welcome, thanks.
This is an example from 2010:
Work done on site xxx £1409.80
Less contracharge invoice £164.50 (which included VAT at 17.5%)
I don't have a problem with the above, but the calculation quoted is:
Gross value £1,245.30
Less materials £0.00
Liable to deduction £1253.53
Tax deducted £250.71
Net payment £1002.82
There is no other financial information on the document. Am I missing something? The contractor is a large company, so should (we hope) be getting it right.
Where does £1,253.53 come from?
Any help welcome, thanks.
0
Comments
-
It has got to be an error surely!?!0
-
Got to be. Thanks. About a quarter of them are like this0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 324 NEW! Qualifications 2022
- 160 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 94 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 274 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 201 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership