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CIS 2017/2018 self assessment

I am subcontractor self-employee under CIS, I have a question about filling the 2017/2018 self assessment online.

There is one coloum called "turnover - the takings, fees, sales or money earned by your business", does it  mean gross income or net income?

Another Coloum called "Deductions on payment and deduction statements from contractors - construction industry subcontractors only", does it mean I have sum up all the 20% deduction from payment statement ?  

Any reply will be appreciate.

 

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22nd Apr 2018 07:09

You really need to get an Accountant

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22nd Apr 2018 11:27

"Turnover" is gross sales income (excluding VAT if you are VAT registered) for your accounting year, which is probably the same as the tax year to 5th April.
"Deductions on payments" is the total CIS tax deducted from payments you have received from contractors in the tax year.

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22nd Apr 2018 17:32

I don't lay bricks.

You shouldn't be doing your accounts.

Be honest with yourself - what else don't you know ? Do you know what you don't know ?

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By ABS2
22nd Apr 2018 23:02

Won’t pay for an accountant so comes on here for free advice

At times like this I wish HMRC undertook more compliance checks in the subcontractor sector

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23rd Apr 2018 01:38

In theory what your are saying is correct. If you turned over 50k which was all at 20% deduction.

You put in 50k in the turnover and 10k in the 'deductions from contractors'.

In the nicest way possible though, this website is a website for accountants to help each other, not for free advice. So if you'd kindly not post on here again that would be wonderful.

On the rebate side of things, just make up expenses so that you get a 4K rebate....it'll be fine...I promise.....

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