- Original Poster
- #1
Hi all,
Just wanting to check this as somewhat confused:-
If an individual is CIS registered they are deducted at source on their weekly/monthly income and receive documentation in the form of a CIS voucher. At the end of the personal tax year all permitted expenses are calculated and a normal P&L/I&E schedules are prepared (with income being grossed up). If the taxable amount on the profits is lower than than the tax actually paid at source, is the individual allowed a refund for this differrence?
In respect if NI - CIS should be Class 2 registered. Should they however have to Pay Class 4 national insurance on profits over £5715?
Just wanting to check this as somewhat confused:-
If an individual is CIS registered they are deducted at source on their weekly/monthly income and receive documentation in the form of a CIS voucher. At the end of the personal tax year all permitted expenses are calculated and a normal P&L/I&E schedules are prepared (with income being grossed up). If the taxable amount on the profits is lower than than the tax actually paid at source, is the individual allowed a refund for this differrence?
In respect if NI - CIS should be Class 2 registered. Should they however have to Pay Class 4 national insurance on profits over £5715?
