Can cis deductions suffered netted the ones made?

Can cis deductions suffered offset against cis made monthly?

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My limited company is a contractor and a subcontractor in the same time and I do the accountancy part on my own. My question is if I can offset the cis deductions suffered against cis deductions made monthly through my payrol, so I have less cis deductions to pay monthly to HMRC. 

Thank you

Replies (7)

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By Ruddles
18th Jan 2024 13:08

There is plenty of CIS guidance, which covers this point as well, on HMRC's website.

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By doubletrouble
18th Jan 2024 13:37

In short yes you can

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By rmillaree
18th Jan 2024 14:01

yes thats standard procedure to net em off every month - with any credit being carried forward till you get to end of tax year (if not consumed by later liabilities) - note its the same pot as employees/directors paye too.

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Stepurhan
By stepurhan
18th Jan 2024 16:31

This question highlights why you should not do the accountancy part on your own.

In this case the answer, also given here, is actually quite easy to find. Yet you've had to come here to ask rather than finding it yourself. What other mistakes are you making when you don't even realise a need to look in the first place?

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Replying to stepurhan:
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By Alcor
19th Jan 2024 11:31

"Thank you" for the mean and rude answer. I am a beginner, I read everything on HMRC website, but I wanted to double check if I have understood right. I thought here is a place where you ask for help and whoever has the knowledge and happy to help answers the question. You know, there is a saying which is very suitable for you: "if you don't have anything nice to say, don't say anything at all".

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Replying to Alcor:
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By I'msorryIhaven'taclue
19th Jan 2024 12:59

You should take it as constructive criticism.

For example, your persons with significant control statement looks to be all wrong for a single-share company. And your recently filed 2022 dormant accounts display a £550 uplift in fixed assets (which doesn't sound very dormant at all). Come to that, why has your company declared one employee if it was dormant?

Still not convinced? Ok, then there's your capital and reserves figures... for example, in your October 2021 accounts you have a brought forward capital and reserve figure of £8,351 and a £49 accounting loss for the year; which leads one to expect a closing 2021 capital and reserve figure of (£8,351 - £49 = ) £8,302. Your balance sheet figure, however is £4,550. Maybe there were £ 3,752 of dividends, or some other undeclared movement? Maybe not. A similar apparent disparity is evident in the 2020 and earlier accounts.

Need I say more? The saying that springs to mind is "a nod's as good as a wink to a blind horse".

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Replying to Alcor:
Stepurhan
By stepurhan
19th Jan 2024 13:13

If you said you were planning to walk into a burning building, and I told you that was a bad idea, would you also consider that to be "mean and rude"?

Because you are doing the financial equivalent of that doing your own accounting with the clear lack of knowledge displayed by this question.

As for having read everything on the HMRC website, the fact that this page literally answers your question demonstrates you either haven't read it, or have not understood what you read.

https://www.gov.uk/what-you-must-do-as-a-cis-subcontractor/pay-tax-and-c...

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