Understanding the New CIS Scheme with Sage 50: Key Features and Support
Dive into the essentials of the new Construction Industry Scheme (CIS) with Sage 50. This comprehensive agenda covers the background of the CIS, its objectives aimed at reducing administrative burdens and improving compliance in the construction sector. Learn about the new processes, including tax references, verification, and online submissions. Discover how to prepare effectively and the support Sage 50 offers, including training and installation assistance. Join us for an informative Q&A session on maximizing your CIS management.
Understanding the New CIS Scheme with Sage 50: Key Features and Support
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Presentation Transcript
Sage 50 CIS Julia Wedgwood
Agenda • Background • New CIS Scheme • Sage 50 Accounts and CIS • What you should do to prepare • How we can help • Questions & Answers
CIS Scheme objectives • Reduce administration costs to the industry • Improve the levels of compliance • Help construction businesses get the employment status of their workers right
CIS Changes Out go: • CIS Cards and Certificates • Vouchers • Year End Returns Replaced by: • Unique Tax References • Verification Process • Online Submission • Monthly Returns • Two Tax Deduction Rates (Standard rate increasing from 18% to 20% on all payments on or after 6th April 2007)
Sage 50 CIS • Account records • Verification • Contractors monthly return • Subcontractors monthly payment statement
Sage 50 CIS Demo • Setup • Activating CIS Supplier accounts • Verification • Invoice • Payments • Returns • Supplier Statement
verification Not required • Where paid between 6th April 2005 & 5th April 2007 and if valid registration card/tax certificate seen Is required • If a payment has not been made in the current or previous 2 tax years. • If new subcontractor taken on after 6th April 2007 Accurate information will ensure successful verification
Online Submissions • Security • Password • Encrypted file with IR Mark • Gateway availability • Availability of gateway validated, if issue, notified prior to submission • Polling of gateway • Messaging • Interpretation of error messages • Integrated • Verification information updated to accounts records • HMRC Recognition • For Verification and Returns (CIS300)
Reports • Contractors Monthly Return • Subcontractor Payments Statement Report
How can we help you • Advice • Support • Training & installation
