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CIS and VT cashbook...

Lucy_MLucy_M Feels At HomeRegistered Posts: 136
Hi,

I'm new to VT cashbook and wondered if someone may have experience of this? Not sure how to record a payment received where the CIS deduction has been made? Any help greatly appreciated!!

Many thanks in advance

Lucy

Comments

  • Lucy_MLucy_M Feels At Home Registered Posts: 136
    Not sure why that posted twice...
  • stevo5678stevo5678 Well-Known Cheltenham Registered Posts: 325
    Hi Lucy, it's actually nice and easy when you get used to it.

    All you do is record the amount received in the bank as a normal receipt and the put the gross amount (add the 20% back on) in the 'analysis' box (to sales). VT will automatically create an extra line for the balance (the 20% CIS). You then just post the CIS separate to tax debtor code or however you want to show it.

    Hope that makes sense. You do exactly the same for subbie payments and also if VAT is involved. I have a client with VAT, CIS and management fees!

    Steve
  • Lucy_MLucy_M Feels At Home Registered Posts: 136
    Hi stevo5678,

    Thank you, that makes complete sense, and is so much simpler than anything I googled yesterday!

    Although my VT cashbook doesn't show 'sales' so I've just created one under income?! (Sorry if these seem pretty stupid questions.... )

    I'm glad VAT isn't involved! But my subbie has made levy 'contributions' to one unscrupulous contractor... so I should break the payment down even further and post the levy to expenses I'm guessing?


    Many many thanks,
    Happy weekend!

    Lucy



  • Lucy_MLucy_M Feels At Home Registered Posts: 136
    Not at all, thank you for taking the time!! Glad I am on the right track :cool2:
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