Ltd company - CIS payment

[Darren@UptonAccountants]

Cis

Nope, this just means that your client has to make monthly returns and submit a statement to you of deductions so that it can be claimed back on your company's corporation tax return.

[chrisl]

The invoice was raised by the company.

If this is recorded in the corporation tax return would it not mean that i should be registered for CIS and complete monthly returns?

CIS was only deducted on two invoices so i dont want to make things to complicated.

[Darren@UptonAccountants]

Cis

Was the CIS deducted from an invoice raised by the company or yourself personally?

If from the company then this appears on the company's corporation tax return, not your personal return.

Why can't your accountant handle CIS, pretty simple stuff!

[chrisl]

Any suggestions?

[chrisl]

I have my own limited company taking salary and dividends.

I have had two gross payments into my company which have been processed as normal by my accountants in the way of salary and dividends.

Now the problem was that these two payments (paid in the 2007/08 tax year) had 30% CIS tax deducted on them before my gross payment went to my limited company. I completely forgot about this and have just remembered now my Tax Return is being completed. At the time i didnt tell me accountants this either.

Although 30% was taken off before the money went from my agency to my limited company can I record this tax paid already in the Return or have I basically lost this 30%.

I haven’t done any CIS Returns or anything and I know my accountant specifically can not deal with CIS clients. Is there anything I need to do, should i be required to do a CIS return for this payment that went through the company or should i basically forget about it and realise i have lost 30% of these two invoices?