Form 11 question re RCT

tunnellight

Registered User
Messages
28
Hi,

I am starting on my Form 11 for 2015. I am a sole trader (plumber ) , I had my regular jobs , and will enter those into income , but I also carried out work for a principal contractor , on which I paid RCT of 20%.
Does this income net of the RCT enter into the income section on the Form 11?

Thanks in advance
 
Hi,

I am starting on my Form 11 for 2015. I am a sole trader (plumber ) , I had my regular jobs , and will enter those into income , but I also carried out work for a principal contractor , on which I paid RCT of 20%.
Does this income net of the RCT enter into the income section on the Form 11?

Thanks in advance

You should have prepared a set of accounts, have you done that?

The answer to your question is that your "income" will be the net profit per your accounts, which will include 100% of your subbie invoices.

The 20% RCT is simply a method of them collecting a portion of the income tax from you up front, it has no bearing whatsoever on your actual income.
 
Back
Top