cis deduction

Forum|Forum|6 years ago
January 17, 2020
1 reply
5 views

when raising an invoice for say £120 to a contractor in will get paid £100 and £20 deducted for tax

by contractor

i have raised and invoice for £120 but the bank will show i received £100 where do i put/show the tax deduction

regardds

QuickBooks Self-Employed

Best answer by Ryan_M

Hi @Redled,

What you said is correct. It's QuickBooks Online (QBO) that has the option to manage CIS transactions.

I suggest subscribing to a QBO company if you need to record these transactions. You can refer to the Plans & Pricing page to see which version suits you best.

Have other questions in mind? Share them in the comments below, and I'll get back to you.

payment after leaving

Level 10

Hi robbo1987

When you create the customer you will have to select is CIS contractor within the customer information. When creating an invoice you select/enter the customers name in the customer field the product and service will automatically populate with the CIS % rate. When you enter an amount the amount of CIS deducted will show in the CIS field and show a net amount that you will then receive in the banking screen and match it up/pay off the invoice.

Redled

Hello,

I cant find any options for cis in quickbook self employed. Is there an option or is this only available for quickbook online.

Ryan_M

Answer

Moderator

Hi @Redled,

What you said is correct. It's QuickBooks Online (QBO) that has the option to manage CIS transactions.

I suggest subscribing to a QBO company if you need to record these transactions. You can refer to the Plans & Pricing page to see which version suits you best.

Have other questions in mind? Share them in the comments below, and I'll get back to you.

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