I am looking for some help please.
A limited company is looking to obtain CIS gross status. I am aware of the 3 tests that it has to satisfy: business/turover/compliance.
My question is this: The company has deducted tax from subcontractors and is due to pay this on its next monthly cis return, but has not got the funds to pay as yet. It has also had tax deducted by the main contractor. When the monthly cis return is filed with no payment, it will fail the compliance test. Is it possible to offset the tax it has suffered against the tax it is due to pay, and how is this done?