CIS Scheme for limited company (small business)
Hello all. Recently I have set up a limited company for one subcontractor who works for the contractor in construction industry. I have registered the limited company for CIS Scheme, also I have got few subcontractors which I am paying them. I know how to deal with the invoice which I gave to contractor, but I am confused how can I treat in accounting the payments made to my subcontractor under CIS scheme, as wages or as cost of sales? and if I am director can I pay me in the same way how I paid mine subcontractors because I do work as well? Please, can I have the journal entries for the payments made. Thank you. I am confused with CIS scheme!