Unfortunately I have had to take a major paycut to help my employer out. I was hoping (and would have shown my gratitude) if someone was able to point me in the right direction, given a lot of us are struggling in these hard times.
Not that I wanted to go into detail, but the items I wanted to buy were cheap, second hand items and any tax breaks would have helped me decide either way.
My company received a small grant, that was passed onto said company, and part of the reporting required volunteers to review the play and they purely claimed travel expenses as individuals. We're talking amounts under £50.
The company I wanted to charge half the costs to were responsible for putting on the play, so we wanted to pass on half of the costs of the volunteers, as this company ultimately received the grant and this reporting back to the grant funder are part of their usual requirements.
This is our first CIS return and have now verified a few sub contractors and so do understand the gross status etc.
It was more whether the amount that should appear in the first box for "total payments made....", should be the total amount invoiced less Vat. Regardless of whether they had gross, standard or higher rate status.
So HMRC could see what each contractor actually invoiced in total and not what was physically paid through the bank to each sub contractor.
My answers
Indeed he was. So too the Gene Genie; not sure what he would make of this coronavirus and lockdown, but I can guess!
Unfortunately I have had to take a major paycut to help my employer out. I was hoping (and would have shown my gratitude) if someone was able to point me in the right direction, given a lot of us are struggling in these hard times.
Not that I wanted to go into detail, but the items I wanted to buy were cheap, second hand items and any tax breaks would have helped me decide either way.
But thanks anyway.
Thanks for the replies.
My company received a small grant, that was passed onto said company, and part of the reporting required volunteers to review the play and they purely claimed travel expenses as individuals. We're talking amounts under £50.
The company I wanted to charge half the costs to were responsible for putting on the play, so we wanted to pass on half of the costs of the volunteers, as this company ultimately received the grant and this reporting back to the grant funder are part of their usual requirements.
Thanks.
That's the route I was heading down given there is no mark up.
But in the wonderful world of Vat, I know things aren't always so clear cut.
Thanks everyone.
A truly complicated subject matter, which may (?!) change again after Brexit.
Sam
Thanks everyone.
I thought gross too, so I’ll go with that.
Thanks peeps.
This is our first CIS return and have now verified a few sub contractors and so do understand the gross status etc.
It was more whether the amount that should appear in the first box for "total payments made....", should be the total amount invoiced less Vat. Regardless of whether they had gross, standard or higher rate status.
So HMRC could see what each contractor actually invoiced in total and not what was physically paid through the bank to each sub contractor.
Thanks both. We are looking to upscale to large beer, so that may make a difference. :-)
I just say currently, as we may look at registering in each country to recover the Vat?!
Very true, and as I answered 'yes' on the year end forms, I will submit a nil P11D(b).
I have found the HMRC link and now filed a NIL P11D(b).
Thank you all for your invaluable input.
Sam
I think on the basis that these are all business expenses, with no personal amounts going through, I can file a nil P11D.
Thanks everyone for your comments.