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.
- Non-Taxable Expenses Reimbursement 12 1
- Legal advisor recommendation please 43 2
- What route into accountancy would you recommend? 334 4
- Auto enrolment: What’s your plan? 1,036 5
- HMRC Postal Delays 119 3
- Landing clients 601 19
- Time to react ? ? ? 606 6
- Dividends allowed on ordinary shares transferred during the year?? 79 2
- Dividends 104 3
- Closure of PAYE scheme 92 1
- cash the returned VAT cheque 305 3
- Rent a room for half a year, fully let for the other half? 85 1
- Signed accounts for bank 440 9
- Termination Payment 392 14
- Intercompany Payroll Journals 193 6
- Rollover relief - No new asset purchased 291 4
- Business lending another business money (UK) 201 5
- flat rate scheme 2,161 40
- How can a childcare facility mitigate vat 129 1
- Opening a Quick books file 193 2