Overview
The Construction Industry Scheme (CIS) is a specialised area of Construction, with a unique array of definitions, procedural responsibilities and calculations. This course covers all that is required for administering the CIS scheme correctly for an organisation.
During the course, trainees will learn what work falls within the scope of CIS, the definitions of contractors, deemed contractors and subcontractors and how each should be registered with HMRC. The requirements for obtaining gross payment status, calculating payments due to subcontractors and completing the CIS300 return are also explained in detail.
Also covered are the penalties issued for not operating CIS correctly, the offsetting of CIS deductions and an overview of the principles of employment status and its applications within CIS processing. The course will focus on the calculation and reporting of CIS deductions.
AT Centre of Accountancy Careers & Training Ltd the course is conducted by Highly Trained and Qualified Accountants who have years of experience in dealing with the different aspects of the Construction Industry by using industry standard software.
CONTENT
- Defining contractors & subcontractors
- Distinguishing between mainstream and deemed contractors
- Classifying work that falls inside and outside of the scope of CIS
- Identifying the three deduction rates applicable for CIS payments
CIS Registration & Verification Process
- Summarising the registration process for contractors
- Summarising the registration process for subcontractors
- Outlining the process for applying for gross payment status
- Explaining the verification process for subcontractors
Completing CIS Returns
- Overview of CIS300 Returns
- Calculating amounts liable to CIS deductions
- Identifying payment methods & deadlines to HMRC for CIS deductions & returns
CIS Record-keeping requirements
- Identifying CIS records required & appropriate timescales
- Summarising the penalty regime in place for CIS compliance
Overview of employment status
- Appreciating the relevance of employment status for CIS operations
- Overview of the factors affecting employment status
- Identifying types of employment intermediaries
- Overview of the impact of off-payroll working rules for CIS
CIS Training in Sage 50 Accounts
- Setup a Construction company in Sage 50 Accounts
- Activate the Construction Industry Module in Sage 50 Accounts
- Setup Subcontractors Module in Sage 50 Accounts
- Process Subcontractor Invoices by using CIS Deduction Rate.
- Process Payments and Deduct CIS from the Subcontractor Invoices.
- Generate Monthly Returns (CIS300)
- Issue Deduction Statements to the Subcontractors