Question asked by Andrew Bentley 7 years ago
I am am ready to enter a CIS tax refund from HMRC. I need this to register against the CIS 20% debtor that is on my balance sheet. How can this be done. Any. Help would be appreciated. Cheers
Hi Andrew,
It is advised to double check this with your accountant. However, refunds from HMRC for CIS returns are always coded to CIS creditors and will increase the Barclays Bank account balance. You can create this as a Sales Invoice or a Purchase Refund (a bill with a negative amount). CIS Debtor is a control account for the CIS element collected by the contractor and does not relate to HMRC.
Tommy
Best answerjust looking how to apply the refund so the cis debtor balance is reflected correctly
Yes. The 20% is automatically applid onto m invoice as a cis tax. I’ve recieved 1200 refund from HMRC . Just looking to explain this refund only getting customers to apply it to and nothing relating to the CIS debtor. Just looking to make sure I do this right.
Hi Andrew,
Just to clarify, is this refund related to a CIS return you've paid for?
Tommy
I received a refund of £1200. Will this method reduce the cis debtor 7503001 amount to show the reduction of £1200 pounds. I’m presuming after I’ve completed this refund transaction the cis debtor 7503001 column should read £3777 with a corresponing £1200 increase to the Barclays Bank current account balance?
Hi Andrew,
In this case, you can create the refund from HMRC as an invoice coded to CIS creditor.
Please let me know if there are any further queries?
Tommy
You must 