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.
Replies (2)
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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.