Please anyone can help for the above queries. The full process to deal with company registered for cis. What are the tax implications.
Replies (14)
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If you are not sufficiently knowledgeable to deal with CIS registered companies you should decline to act for this one.
You do not improve your situation by being rude to members of this forum.
John is one of the most respected members and, freely responds to many enquiries, such as yours. John has offered succinct advice, which you may ignore at your peril.
No- people tend to learn these things throughout their apprenticeship and thereafter by working for others before then striking out on their own, not after.
Remember Clint-"A man's got to know his limitations"
It is good and a great life lesson.
It might these days be considered sexist, do the females of the species need to know their limitations or maybe, quite possibly, they have no limitations?
Nothing like a Dirty Harry film (or a good spaghetti western), even having watched them all numerous times I can usually be persuaded to watch yet again.
Aftab_iq,
I think you misunderstood what John said earlier and it appears from your posts that you have taken the response personally in a negative way. John is one of the most respected contributors on this forum. What he implied was that in the areas where you do not have expertise, it will be in the interest of client and also for your own interest (to avoid errors and penalties), not to take such work. Your query was to know everything relating to CIS for a registered entity which isn't possible to explain on this forum. Good that you've learned from other sources and will use this forum for any specific queries. Thanks, G
If the company requiring a refund is already registered for CIS and pays PAYE then you can claim back using the EPS and submit through RTI. If they are not and they are a Limited they can claim a refund using the online form:
https://www.gov.uk/guidance/claim-a-refund-of-construction-industry-sche...
Not sure what you mean by tax implications though. Sale was made for an amount. You will have been paid most of it already and the remainder is paid to you by HMRC. No real difference in tax accounting!
Report CIS suffered using EPS;
Offset against any PAYE, NICs and CIS that the company owes;
After the end of the tax year, reclaim any remaining credit from HMRC.
The best and most helpful answer to this question was given in the first response. That you have chosen to be rude and dismissive of that answer is your lookout. Disrespectful get.