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Where Taxpayers and Advisers Meet
Payments made through Company CIS card for personal wages
Hi i have a trick one. how much trouble am i in. i started a company a year ago for construction purpose's but with a break up in my personal life and my business partner moving away and losing interest all work ceased with the company, it had at the time only turned over £2500. I continued to work as a sub-contractor for a year with under the CIS card and payments were made to my bank. i realise now that this was not what was suppose to happen and have since declared the company as no trading and got a personal CIS card. this was a Limited Company. the total payments to the card was about 20k
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CDavey9501@aol.com
- Posts:513
- Joined:Wed Aug 06, 2008 3:13 pm
If I read your posting correctly. From a tax point of view,the tax office are likely to allow the set off of CIS vouchers issued in the name of the company to be treated as your income. After all there is likely to be a larger tax/nic take for the Inland Revenue! They may ask for supporting documentation.
The above assumes that the income was your income and not that of the company and that it was just an innocent mistake on your part in that you gave the contractor(s) the company CIS card rather than your personal cis card.
If you would like assistance in this matter please e-mail me.
The above assumes that the income was your income and not that of the company and that it was just an innocent mistake on your part in that you gave the contractor(s) the company CIS card rather than your personal cis card.
If you would like assistance in this matter please e-mail me.
