Subcontractors Accounts Software
The Construction Industry Scheme (CIS) introduced by HMRC defines the rules for how payments to subcontractors for construction work must be handled by contractors in the Construction Industry.
The scheme applies mainly to contractors and subcontractors in the Building and Construction Industry, however businesses or organisations with a different core activity but with a high annual spend on construction may also count as contractors and fall under the CIS scheme.
As a contractor you have certain obligations under the CIS scheme, including registering with the scheme, checking whether your subcontractors are registered with HMRC, paying subcontractors and submitting monthly returns.
CIA software benefits in summary:
- CIA verifies your subcontractors!
- CIA calculates your subcontractor tax deductions!
- CIA sends your Inland HMRC Monthly returns!
- CIA produces your monthly subcontractor statements!
Below is a quick reference to CIA Subcontractors Accounts.
This is where each Subcontractor is entered, including contact details and default information for the individual e.g. VAT Registration, Default Nominals, Payment Type etc. CIS details are also stored, and you can verify new subcontractors automatically using CIA’s link to the HMRC electronic gateway.
With Job Costing Option, allows invoices and applications to be posted to the nominals, and booked to jobs in the same process. Also allows an invoice to be put "on hold" as it is entered.
When applications are posted there is no VAT liability, an application is then certified, at this point VAT is calculated on the amount certified.
Subcontractor Tax Deductions
CIA deducts tax on the Labour element of taxable Subcontractor payments.
Subcontractor's tax can be booked to the appropriate nominal.
Remittance Advice and Payment Certificates
Subcontractor's remittance advices and payment certificates can be printed or emailed.
Fully Integrated Construction Industry Accounting Software
CIA is a fully integrated Construction Industry Accounting software and comes complete with a cast iron satisfaction guarantee. All we require is a few moments of your time to demonstrate the benefits to your company.