Hi
I have been looking at the possibility of purchasing Solar Accounts, but have come across a problem dealing with CIS.
The advise given for entering another line and then setting it at 0% VAT and placing a negative value for the amount deducted for CIS is confusing me.
Would this not mean that your turnover would be calculated wrongly ?
Regards
Laurie
Hi Laurie,
On the CIS deduction line the Account should NOT be 'Sales Income' but instead it is either 'Owners Drawings and Personal Use' (if you are self-employed) or 'Income Tax and NI Liability' (if your business is a limited company). Therefore when calculating your Profit and Loss report the CIS deduction line will not be included in the 'Sales Income' figure.
On the VAT return Solar Accounts knows not to include lines which start with 'CIS Deduction' when calculating your Box 6 figure ('total sales excluding VAT').
Regards,
