Accounting services for contractors
- CIS deduction on the labour
- £480
- VAT on the invoice
- £0
- Invoice total
- £3,000
Every figure on this page is computed from the inputs entered, by the method stated below it. The two statutory rates the worksheets name, the CIS deduction rate for your status and the UK standard rate of VAT, are read from GOV.UK on the date shown and entered by you; Subbielane publishes no other rate, no allowable-expense rule and no tax computation. The defaults are a worked example to replace with your own figures.
Accounting services for contractors are what a subbie searches for in March, when a year of invoices, deduction statements and receipts has to become a tax return and the shoebox is the only record. An accountant will take the shoebox, but the bill is for the reconstruction, not the advice, and the figures come back as a surprise because nobody worked them as the year went by. This guide is about what a contractor accountant actually does, what they need from the subbie's records, and which of that work is arithmetic the subbie can do on the page today; the free CIS invoice worksheet on this site works the deduction and the amount received with no account, and the year worksheet works the twelve months.
Try the free CIS invoice worksheet Free to use. No account, no card, no trial clock.
What the accountant does: the return, the claims and the reconciliation
A contractor accountant prepares the Self Assessment or company accounts, claims the CIS deductions already withheld against the tax due, checks expenses against what HMRC allows, and reconciles the deduction statements to the income declared. The rules and the filing are theirs; the reconciliation is only possible if every invoice and statement was kept as it happened.
What the accountant needs: the invoice, the statement and the receipt, matched
Each invoice with its labour, materials and the deduction taken; each deduction statement from each contractor; each expense with its receipt and the tax year it belongs to. The CIS invoice worksheet works the first from your figures, £480 deducted from £2,400 of labour at 20%, and the paid plan keeps it against the client and the year so the statement has an invoice to match.
What the subbie can do first: the year, as it builds
Gross income from a day rate and days, the CIS withheld at your rate, cash received, expenses, profit before tax and a set-aside are arithmetic, and the year worksheet works them from your figures: £55,000 gross, £11,000 withheld, £49,000 profit on the worked example. Handed over as figures, the accountant's time goes on advice, which is what the fee should buy.
Accounting services for contractors: common questions
What does an accountant do for a CIS subcontractor?
Prepares the return or the company accounts, claims the CIS deductions already withheld against the tax due, checks expenses against HMRC's rules and reconciles the deduction statements to the income declared. The rules and the filing are the accountant's; the records they reconcile are the subbie's, and this site works and keeps those.
What records does a subbie need to keep for the accountant?
Every invoice with the CIS deduction shown, every deduction statement from every contractor, every expense with its receipt, and the tax year each belongs to. The worksheets on this site work the invoice and the year from your figures; Subbielane Pro keeps them against the client and the year and exports the lot.
Is there a free CIS invoice worksheet?
Yes. The CIS invoice worksheet on this site is free and needs no account: labour, materials, your deduction rate and the VAT you charge in, the deduction, the VAT, the invoice total, the amount paid to you and the amount held by HMRC out, printed as it stands. Subbielane Pro keeps every invoice against the client and the tax year.
Will it do what you need for Accounting services for contractors?
Tell us what your books need and we will tell you straight whether Subbielane Pro does it today, whether it is coming, or whether you need an accountant instead. A person reads these and replies.