Sales reports
I am a subcontractor in the construction industry, so my customers have to deduct 20% income tax from my labour. I can use a field in the total set up to deduct the CIS tax but my reports are then wrong - so for instance I charger £2,000 + VAT which totals £2,400. which it the correct total of the invoice but then my customer has to deduct 20% from my labour which is £400, and has to be shown on the invoice. so My customer only pays me £2,000 and pays the £400 over to the Inland Revenue - which is similar to the VAT method - But the sales report is showing that my invoice is only £1,600 + £400 vat - making the report incorrect - as the CIS is basically a part payment.
It sounds so confusing, but it isn't I just want my sales to show the net figure of £2,000 as my true turnover. If Zoho is to succeed in the UK, this is a problem that a lot of Subcontractors in the construction industry will have.
I could be using the wrongs field when editing the templates and I would love to know the correct way to do it.
It sounds so confusing, but it isn't I just want my sales to show the net figure of £2,000 as my true turnover. If Zoho is to succeed in the UK, this is a problem that a lot of Subcontractors in the construction industry will have.
I could be using the wrongs field when editing the templates and I would love to know the correct way to do it.
Topic Participants
Will
Hari | Zoho Billing
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