Overview All businesses operating in the UK building and construction industry should check whether the new VAT domestic reverse charge for building and construction services (CIS reverse charge) will apply to them. This anti-fraud measure is a major change to the way VAT is collected and it will affect customers…
If you’re a contractor hiring a subcontractor, then you may have to register for the Construction Industry Scheme to contribute towards taxes. What is the Construction Industry Scheme (CIS)? The Construction Industry Scheme (CIS) is designed to prevent self-employed subcontractors from avoiding paying tax. Under CIS, contractors deduct income tax…
CIS Deductions suffered appear on the EPS because you are allowed to reduce your PAYE costs to HMRC by the value of any tax deduction that was automatically made from your invoices by a contractor. You must first enable CIS Deductions under the Government tab of your company setup details. Next, when…
At the moment, KashFlow Payroll does not have the functionality to record CIS contractors and deductions, CIS reporting to HMRC or to record CIS offsets (deducted CIS by customers) against PAYE/NI due. This is being looked in to by the KashFlow Developers, however there is no time scale when this…