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linda merritt
Oct 28, 2020 1:32 PM UTC
Solved

I have received a refund for CIS overpaid what category do i put this in?

there is a category for materials and supplies reinbursed but it is not that it is a refund for an overpayment
emmam6Answer
Nov 21, 2022 4:02 PM UTC

Hello Community Users, We just wanted to add to this thread in regards to recording a CIS refund from HMRC.

In relation to any refunds issued by HMRC, you will have to create a specific income or equity account and create a bank deposit (+symbol in the top left) and in the account column of 'add funds to this deposit' section select the income/equity account

It is worth confirming with HMRC/ an accountant that they are happy with that. Any questions just ask

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6 replies

EmmaM
Oct 28, 2020 3:34 PM UTC

Hello Linda Merritt, Just so we can get an idea of the full situation and inform you correctly. The bill with the overpayment on has that been marked as paid and the overpayment was just the cis itself? Is this for a cis period you have already marked as filed in qbo?

linda merrittAuthor
Nov 5, 2020 2:55 PM UTC

we paid CIS due every month last year but also claimed CIS suffered each month so at end of year HMRC owed us money whic we have been refunded By HMRC as it was more than what we owed 

Jen_D
Jen_D
Nov 5, 2020 4:30 PM UTC

Thanks for getting in touch with us again, @linda merritt,

 

 In relation to any refunds issued by HMRC, you will have to create a specific income or equity account and create a deposit and in the account column of 'add funds to this deposit' section select the income/equity account

 

Additionally, if you need further help with it, this thread is always open for you. You may add another discussion here. You may also contact our support team for help on how to categorize it. Simply go to the (?) Help menu then enter your billing concern in the QB Assistant box.

 

Let me know how you get on after this. I want to make sure this is resolved and I'm here if you need anything else. Have a good one!

Janet McCall
May 12, 2022 10:25 AM UTC

Hi Linda,

I know this is an old post but did you get to the bottom of it? 
I have also received a refund from HMRC for over paid CIS. 
how would I record this? 
many thanks. 

paul72
paul72
May 13, 2022 1:35 PM UTC

Hi @Janet McCall 

 

Unless there's a way to receive a CIS/PAYE refund in QBO that is similar to the VAT refund then you'll have to do it manually.

It's slightly unusual and - given that QBO's handling of CIS is not great at times - I'm going to say that it's a situation the developers probably haven't thought of.

 

If you have overpaid CIS, you should see a positive balance in the CIS Suffered account at the end of the tax year (after the month 12 CIS/PAYE has been filed).

 

(I don't use QBO to track CIS or PAYE so I'm not exactly sure how QBO sweeps these amounts each month into the Tax Suspense account but it seems logical that it would leave the unused CIS Suffered in place.  However, because logic is not all it's cracked up to be, it's possible that you will see a negative balance in the CIS Payable to HMRC account instead.)

 

In simple terms what you need to do is push that balance into your bank account.

 

In QBO, create a Bank Deposit to your bank account.

From: HMRC

Account: either CIS Suffered or CIS Payable

Description: CIS Refund

VAT: No VAT

 

Hope that helps.

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