CIS tax deducted

CIS tax deducted

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Quick and easy one!

Self employed carpenter, has had CIS deductions taken from his income. His year end is July 2014. when entering the CIS deductions on his 2014/15 tax return should they follow the accounting year or the tax year?

Have just been asked this and my instinct was tax year but now I'm doubting myself - I have a few subbies and they all have 5th April year ends, it's been a few years since I had one that was not 5th April.

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RLI
By lionofludesch
29th Jan 2016 09:15

Tax year, always.

There may be a problem with your client's comprehension if his income fluctuates. His tax bill may fluctuate between payment and repayment.  Personally, I'd always go for 5th April with CIS - company or unincorporated.

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Replying to NH:
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By More Tea Vicar
29th Jan 2016 09:23

Thought so but had nagging doubt

lionofludesch wrote:

Tax year, always.

There may be a problem with your client's comprehension if his income fluctuates. His tax bill may fluctuate between payment and repayment.  Personally, I'd always go for 5th April with CIS - company or unincorporated.

Thanks, that's what I thought.

It's the time of the year when the brain fogs over! 

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