VAT, CIS and Profit & Loss Accounts
Hi, I am new in this forum and I need some help from someone more experienced than me. I am using quickbooks to calculate P&L account for a company involved in the Construction industry. I have spent nights working on the general ledger and trying to match the debits and credits and something doesn't go well :(
I would appreciate your help!
The situation is as follows: The company has acted as a contractor and Sub-contractor at the same time. It has also been registered for the VAT flat rate scheme, adding VAT to the sales invoices and paying 9.5% every quarter.
Could you please advise me on the correct entries to match the two sides of the accounts as I am very confused now.
I am unable to find the correct accounts for CIS liability and CIS tax suffered in QB either. It is one big mess for me.
Thank to all of you in advance.
- Partially exempt? 233 9
- Reclaiming EU VAT on fuel and expenses 77 1
- First VAT Visit for client 196 4
- Dividend in specie 219 7
- VAT on imports and the Flat Rate Scheme for VAT 148 8
- Lorry Drivers 126 2
- Redundancy payment added to p45 42 1
- Partnership registered in error. No activities with view to profit. 72 1
- Mexican student in UK 111 2
- PI insurance for Auto Enrolment 186 3
- Accounting Practice acting as an employment agency 286 12
- payroll software 90 1
- No Tax Returns submitted for last 16 years 1,041 25
- Complicated Company car purchase 85 1
- Pricing 325 10
- Late VAT registration penalty 242 5
- VAT 113 2
- QuickBooks, Xero, FreeAgent and ClearBooks 848 18
- Twenty signs your practice is bad at tax 642 7
- Rental Income Tax Planning 209 3
- Skandia using wrong address 478
- Does anyone use PS Financials accounting software out there? 274
- FHL, period of grace and Entrepreneur's relief 271
- Employee rewards 256
- Legislation access for part-time sole practitioner? 218
- Rental Property W&T And Equipment 215
- EPS Analysis - Change to EURO 210
- Gift of reversion and lease into trust by two different people - later PPR 201
- Etax Australian 169
- Annual Management Charge Rebates and Self Assessment Tax Return 157