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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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We use several subcontractors , I take 20% of there invoice

Resolved Question:

we use several subcontractors ,
I take 20% of there invoice values for their tax purpose , or 30% if HMRC inform that .
on my invoicing to the main contractor I am deducted 20% .
My question is , do I have to pay HMRC the 20% from each of my sub cons or is my initial amount paid held against it and I pay the difference if over each month ?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.

Hello and welcome to the site. Thank you for your question.

You should set-off CIS deductions made from your main contractor against the CIS deductions you have made from your subcontactosr and pay the difference every month.

This is explained in HMRC manual DMBM405970 (under Setting off company deductions - from 6 Apr 2002) here

http://www.hmrc.gov.uk/manuals/dmbmanual/dmbm405970.htm#IDAQXRTB

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4939
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Customer: replied 1 year ago.

thank you , an easy question , the HMRC representative was not interested in helping at all , 2 hours on hold then fobbed off in a minute . sent your self the £42 answered me in ten minutes , stress free , a real superstar!

Expert:  taxadvisor.uk replied 1 year ago.
Rob, thank you for your reply and good words.

If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited for it.

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