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CIS and subcontracotrs
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LA83
Posts: 25 Forumite
Hello,
I have recently used sub contractors prior to registering for CIS.
I only registered this week but have made payment to a subby deducting 20% earlier this month and the month before.
Will i get fined for these early payments if theyre are declared as sub contractor payments?
I have recently used sub contractors prior to registering for CIS.
I only registered this week but have made payment to a subby deducting 20% earlier this month and the month before.
Will i get fined for these early payments if theyre are declared as sub contractor payments?
Mortgage OP hopes for 2012 £2000
OP made this year £300.00
£113,746.51 Outstanding
14 years 8 month remaining
OP made this year £300.00
£113,746.51 Outstanding
14 years 8 month remaining
0
Comments
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You won't get fined. But the HMRC may disallow those invoices from subcontractors that you haven't deducted CIS on. This means that those invoices are not classed as a legitimate business expense and therefore YOUR profit goes up and and YOUR tax increases.Eat vegetables and fear no creditors, rather than eat duck and hide.0
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