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Richard Street
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As I suggested nearly a year ago, I can cost Subcontractors adequately without using the CIS system but it is now getting to the point where I have to spend a whole day every month reconciling the entries for the CIS return. This is almost as slow as manual and I would have expected a re-write by now.
Richard Street
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An error occurred while saving the comment Richard Street
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I am coming at this from a different angle. We already have our separate nominal codes but we don't use the C.I.S. procedures; it's easy to handle at the moment but, as we start more projects our list of subbies will increase so anything that allows multiple cost headings whilst keeping the C.I.S. functionality would be great. If we could set up a range of Nominal Codes in a block that can re reported that might do the job.
I have started to use a workaround. I have used the two codes 321 and 322 even though they do not conform to my chart of accounts and opened a 325 account which I've called CIS contra. This enables me to cost the subbie into the P & L contract costs whilst enabling the bill to calculate the CIS tax. This reports into the CIS Monthly report, which I input manually. The Balance Sheet accounts 321. 322 and 325, net out to zero. I still have to collect the 'Gross' subcontractors on a spreadsheet to complete my CIS input to HMRC but that's another subject. As we are going to implement a system of retention, that could open up a new nest of vipers!