Sage 50 CIS

Sage 50 CISJulia Wedgwood

• Background• New CIS Scheme• Sage 50 Accounts and CIS• What you should do to prepare• How we can help• Questions & Answers

Agenda

• Reduce administration costs to the industry• Improve the levels of compliance• Help construction businesses get the employment status of

their workers right

CIS Scheme objectives

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)

CIS Changes

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

Sage 50 CIS Activation

Verification

Monthly Return (CIS300)

Invoices

Payments

Returns

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

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)

• Contractors Monthly Return• Subcontractor Payments Statement Report

Reports

• Advice• Support• Training & installation

How can we help you

Sage 50 CIS

Documents

Transcript of Sage 50 CIS