Day rate and price work, frequent CIS subcontracting, materials and the odd cash job. Here's how Making Tax Digital for Income Tax applies to plasterers, kept as simple as your record-keeping should be.
MTD for Income Tax is measured on gross income before expenses. If you're on good day rates or plenty of price work, you can cross £50,000 without a big materials bill.
If most of your work has CIS deducted, that hasn't changed. MTD is simply how you report your income and expenses each quarter. You record the gross and the CIS deducted, and it reconciles at year-end, often as your usual refund.
Your annual Self Assessment return is replaced by four short quarterly updates and a year-end final declaration, all through recognised software.
Log CIS deductions as they're taken so your year-end refund is ready to reconcile without a shoebox of statements.
Most plasterers are on CIS. Record what's deducted so your usual refund is ready to reconcile at year-end.
However you're paid, it's income in the quarter it happens. Clear Books totals both so you just review and submit.
Plaster, beading, mixers and tools are all deductible. Snap the receipts and your expense total stays complete.
Light on materials means simple records. A few taps per job keeps you compliant without the admin creeping up.
You want tidy records without the faff. Clear Books handles CIS for subcontractors and gives HMRC exactly what MTD requires.
Log your jobs and CIS as you go, and send your first quarterly update in minutes.
