You will get a blank spreadsheet downloaded which you can use just as it is, or you can print it off and use it as a paper system, or you can get a paper version directly from us. As you issue each invoice, please record on this spreadsheet the date of issue, the invoice number, and amounts for labour and materials. When you receive payment, please record also the income tax retained. You will see that the spreadsheet calculates the retention rate as a check. Please hand in this record to us along with any statements which you receive from contractors.

We may be labouring the point here, but these retentions are, for the time being, your money in someone else’s bank account. As and when we calculate your tax liability, at a future date, then some or all of this money may become the property of HM Revenue & Customs, but some may be refundable. We want to be very sure that we keep tabs on all this so you get fair treatment and nothing gets forgotten.

The spreadsheet is supplied for the use of our own clients should they find it to be helpful. If anybody else uses it, then no liability to them will be accepted at any time. We would be happy to supply to our own clients, at no extra charge, versions of the spreadsheet which include columns for Value Added Tax and for other non-tax retentions which are sometimes seen.

Many builders who have CIS retentions against them will find that there is a tax refund due at the year end. We have the latest highly-computerised technology, which means that we can prepare accounts at speed, get the tax return done, submitted and checked. We can look on the Revenue website to see things from their point of view and make sure everything is proceeding smoothly, and then obtain a refund as quickly as possible.

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