I have a CIS client (sub contractor) Limited Co, have recently taken over the accounts with a TB from previous accountant. The CIS suffered balance on the debtors account is £17k. How would you treat this balance in the new year?
Thank you
Replies (3)
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https://www.gov.uk/guidance/claim-a-refund-of-construction-industry-sche...
What has company done about reclaiming it would be my first question ?
Can previous accountant advise state of play regarding repaymens would be my second question?
Is this a build up over time or just last year (which would be a fair bit of money for a one man band) would be my third question?
Determine the facts and the correct accounting treatment will follow the facts.
Well, are you sitting with a large CT Creditor in the b/fwd records, if previous agent has managed to have the sums set against CT liabilities that is what I would expect to see, if not then maybe nobody has yet asked HMRC for repayment (or the books are nonsense)