Cloud Accounting For CIS

Handling Payments To Subcontrators

The Construction Industry Scheme (CIS) sets out the rules for how payments to subcontractors must be handled by contractors in the construction industry. The scheme is basically just a way for HMRC to use contractors to tax subcontractors up-front.

You can read more about the CIS rules on our dedicated page, but the short version is that if you're a contractor under the scheme then you'll need to send HMRC a monthly return to tell them about the payments you've made to subcontractors. This can mean a lot of bookkeeping and periodic scrutiny from HMRC, so your records need to be spotless at all times. There are strict deadlines that you need to hit, too - with potentially eye-watering penalties if you miss them.

Clear Books

Clear Books cloud accounting software supports the Construction Industry Scheme's requirements with the following features:

  • Full CIS recording for both contractors and subcontractors.
  • Online verification of subcontractors' details with HMRC.
  • Preparation and online submission of contractors' CIS returns.

Because Clear Books is a cloud-based system, you've got full access to it anywhere you've got an internet connection. On-site away from your office computer? Log in over your phone. Need to record or check some information out-of-hours? Pull up your records on your home PC or laptop. Best of all, your personal account manager is able to log on with you to go over your information together, answer your questions or offer advice.

Whatever kind of business you're building, RIFT Accounting and Clear Books software are the strongest foundations you could give it.

Call us on 01233 653006 and see how we can help you today.

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