Share this content
10

carry forward cis credit on paye account

how do i do this?

Didn't find your answer?

Client is both a contractor and subcontractor and employer. There is a credit balance unallocated in tax year 1920. Client wishes to use it to offset against 20/21 paye/cis liabilities. HMRC say this cannot be done. This couldnt possibly true, is it? Any thoughts? They mentioned it must be claimed by iform. What is this? But surely there is a mechanism to carry forward and use against 20/21 liabilties.

Thanks in advance!

Replies (10)

Please login or register to join the discussion.

RLI
By lionofludesch
30th Sep 2020 10:34

1920 ? Surely CIS didn't come in until 1975 - oh, wait - I see what you mean.

I think HMRC are correct. You need to claim the money and then, if the company wants, it can send it back to HMRC.

Crazy idea but HMRC have increasingly crazy ideas.

Thanks (2)
Replying to lionofludesch:
avatar
By imbs
30th Sep 2020 10:42

Thanks Lion - what i feared and how stupid!

Thanks (0)
boat
By SouthCoastAcc
30th Sep 2020 10:50

Yep get the cash, although beware I put in a request 2 months ago and havent received yet. They have a massive backlog

Thanks (2)
avatar
By imbs
30th Sep 2020 11:05

oh my gosh this is astounding!
However I'm on the phone to a lovely paye lady at HMRC and she says it can be carried forward. She's now speaking to CIS allocations dept to get this done. She may find out that it isn't possible but sure I'll dance this dance and see what happens...

Thanks (0)
avatar
By lesley.barnes
30th Sep 2020 11:23

There is the option on the I form to have the money allocated to debt - I've done it for VAT and Corp Tax. You would need to check on the form if it can be put towards current year PAYE.

Thanks (0)
avatar
By bettybobbymeggie
30th Sep 2020 12:42

Does anyone happen to know the easiest way to transfer a client's current tax year CIS suffered across to a client's Corporation Tax account?

Thanks (0)
Replying to bettybobbymeggie:
avatar
By imbs
30th Sep 2020 13:16

I wonder is it the mysterious i-form? It can be submitted online but i couldn't find the form on the HMRC website search box...
helpful/not-helpful!

Thanks (0)
Replying to imbs:
avatar
By imbs
30th Sep 2020 13:17

ps - what sort of name is i-form anyway?!

Thanks (0)
Replying to imbs:
avatar
By bettybobbymeggie
30th Sep 2020 13:25

I found the form but the earliest year offered for which you could do anything with CIS suffered was 2019/20.

Thanks (0)
avatar
By imbs
30th Sep 2020 13:15

Ok so i was lucky this time - the lady was one of the helpful ones! She was able to sort it out over the phone. The figures involved have to be verified by the CIS dept and then the credit will be allocated against 20/21 debt. Yay! She advised me to use a form called "i-form" but she couldn't find it on the search box (and therefore could not advise me how/where to find said form) so simply took the details over the phone.
She said that if there are any queries I will hear from them by 1 Feb 2021.
Whatever...i can put this out of my head, strike if off the to do list, set a reminder for 1 Feb to check all sorted. Done!

Thanks (0)
Share this content

Related posts