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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4203
Experience:  FCCA FCMA CGMA ACIS
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I work local building company There is 3/4 of us

Resolved Question:

Hi
I work for a local building company
There is 3/4 of us on site but I'm the one collecting the payment minus tax deductions
Then I pay the others minus there deductions with a receipt of payment from me
What else needs to be done???
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. As you are probably aware, under CIS, workers in the building trades are often paid, not through PAYE, but under a 20% deduction of Income Tax (IT). You appear to have, or will receive, the gang's wages net of tax. All you need to do is to distribute the moneys appropriate to individuals with a pay slip indicating the gross less 20% tax and quoting the principal in the transaction ie the person or organisation who or which paid you. The local building company may well have given you the completed pay slips with the cash to ease distribution. I do hope that you find my reply of some assistance.
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Customer: replied 1 year ago.
Yes I appear to have everything ok then
I do receive slips from building firm to confirm amount of tax paid to date!
Just making sure I have everything in order!Then I pay the others with receipt of payments
gross amount then minus deductions
With a date of payment made to me from the building firm ???Thank you very much
Expert:  bigduckontax replied 1 year ago.
You have all the relevant paper work so are merely acting as an agent for your firm. I do not think you need concern yourself further with this matter save getting the distribution correct! Thank you for your support.