CIS subcontractor accounts

Options
WesHepburn
WesHepburn Registered Posts: 3
in General discussion - Professional level
Hello,
I was wondering if anyone could help and throw some advice my way please. I am interested in accounting for sub-contractors (CIS) and had a question asked to me the other day which i wasnt too sure how to answer. My understanding is that subcontractors have tax deducted and sent to HMRC on the behalf by their employer (contractor), so what expenses can they also claim and how do you go about recording that in terms of sending in the tax return? can you claim tax relief? and if so how?
If anyone has any info or can get me started looking into this then i would be very grateful. or if what i have said above is incorrect please correct me. TIA

cheers

Wes

Comments

  • douglasstroud
    douglasstroud Registered Posts: 295 Dedicated contributor 🦉
    Options
    You compile a set of accounts the same as you would for any small business and then submit a tax return using this information, the only difference being that they have already had a certain amount of tax deducted which is taken into consideration at the end of the tax year.
  • WesHepburn
    WesHepburn Registered Posts: 3
    Options
    ok thank you for that, so just to be clear, expenses would be entered no different to any other self assessment?
    cheers again, i see a lot of confusion reading around this subject

Categories

Privacy Policy