Construction Industry Scheme (CIS)
"Construction Industry Scheme (CIS) training at Future Connect gives HMRC returns, payment & deduction statements of the contractors and subcontractors."
The Construction Industry Scheme is a tax plan that was introduced by the HMRC to make revenue from the Construction Industry. Contractors registered under the this scheme need to deduct 20% to 30% tax from the subcontractors depending on the registration status for this scheme. This scheme minimizes tax evasion in the construction industry.
Table of Contents
- Construction Industry Scheme Training
- Practical CIS Training
- Why should you take this practical course?
- What will you learn during this Training Course?
- A detailed look at the course process
- What consequences of getting it wrong
- Who should attend?
- Course Highlight
- CIS training is ideal for
- What we will provide in this Course?
Construction Industry Scheme Training
This is an industry which is evolving rapidly in the UK. While looking for a job in this sector, you would be required to have knowledge of this area. We ensure to provide this Training knowledge and expertise you need, to be able to use the relevant software confidently and independently.
Businesses which operate within this scheme must do so effectively to avoid potential pitfalls. This training course explains everything in detail, from the time that the contracting organization engages a subcontractor, to making payments. It is entirely up to date with the recent changes that HMRC have made to this scheme.
Furthermore, to dealing with the administration of the scheme, learners will receive practical advice on how to manage the common issues that they will encounter with subcontractors. There are two interactive sessions which look at case studies and exercises relating to the scheme to reinforce your learning and consolidate your knowledge.
Practical CIS Training
The candidates will receive practical training on how to manage the typical issues that they will encounter with subcontractors and also deal with the administration. There are two sessions presented which look at live case studies and activities relating to the scheme that strengthens the learning and upgrades your knowledge.
Course content for this Training
- Purpose and background of the Construction Industry Scheme
- Importance of establishing the employment status and verification process
- Compliance requirements and electronic filing and paying
- The penalties for getting it wrong
- Registration and cancellation of registration
- Business test
- Turnover test
- Verification procedures
- Day to day requirements
- Monthly returns
- Paying subcontractors and processing the deduction of tax
- Disputes and errors
- Online appeals from April 2016
- Mandatory online filing from April 2016
- Withdrawal of telephone verification service from April 2017
- Continued impact of the IR35
Why should you take this practical CIS course ?
By the end of this course you will have learnt,
- How to register under CIS with HMRC
- Activation of CIS Module on Sage, XERO or QuickBooks training
- Understanding of the responsibilities towards HMRC, the contractor and the subcontractor duties and labilities.
- Verification Process for engaging new subcontractors
- How to make the correct payments.
- Processing the main contractors, subcontractors and gross pay
- A detailed understating of the necessary processes and report submissions
- An overall compliance with the law and all technicalities around CIS Scheme.
What will you learn during this Training Course?
- What types of businesses treated as 'mainstream' contractors?
- Does any organisation have to register as a contractor under the scheme?
- What is 'Multiple contractor status'?
- If any organisation is not involved in construction, how might it be considered a 'deemed' contractor?
- Who treated as subcontractors?
- What types of works within and outside the scope of this scheme?
- What about overseas suppliers (contractors or subcontractors)?
A detailed look at the CIS process
- How do you check whether a person should treat as an 'employee' rather than a 'subcontractor'?
- How do you check whether a subcontractor registered for this scheme?
- How do you verify that a subcontractor registered with this scheme?
- What should you do if you believe that a supplier registered as a subcontractor with the scheme?
- What and how determines the amount of tax that should deduct from a payment to the subcontractor?
- When do you pay the deductions over to HMRC?
- How do you make deductions from sub-contractors payments and pay them over to HMRC?
- What records must we keep?
- How do you complete and file the monthly CIS returns?
What consequences of getting it wrong
- Under what circumstance may you have to pay interest and penalties over to HMRC?
- What should you do if you disagree with HMRC penalty?
- What are the penalties that HMRC could consider to impose?
Who should attend?
The CIS has wide-ranging implications for any business that operates within the construction industry or who get involved in construction works. This scheme will impact on anyone who is involved in organizing works to undertaken, agreeing on contracts, engaging subcontractors, procurement, approving invoices as well as finance and tax teams.
- This scheme Returns using Sage 50 Accounts.
- CIS Returns using HMRC website.
- This scheme suffered reporting to HMRC using Sage 50 Payroll
- Self-Assessments for individual working in the Construction Industry
- This scheme implication for a Company which is both Contractor and Sub-contractor
CIS training is ideal for
- Who have some background of accountancy field or some knowledge and qualification in accounting and finance
- Those candidates with overseas experience but no UK experience
- Those candidates who are currently studying CA, ACCA, CIMA, AAT, FIA, CIPFA or other Accounting and Finance qualifications.
- Candidates who are new to computerised accounting and payroll, including RTI
- Entrepreneurs or small business owners, looking forward to maintaining their accounts and payroll to reduce their costs.
- This Construction Industry Scheme Training is also suitable for Companies who want to train their staff for Bookkeeping or payroll to run these services in house.
- Also beneficial for professionals visiting London and want to enhance the benefits of the visit.
- Also, help to Accountants who aim to establish their accounting practice firm.
What we will provide in this Course?
We will provide proficient Construction Industry Scheme Training and services. Upon completion, you will get a training certificate that will help you to get the job in this field.
Future Connect is a certified company who provides hands-on practical accounting training. We also offer various other practical accounting courses to build your skills. More accounts courses.
Contact us if you want to book your place for any of the above training. Please do not hesitate to let us known if you require any further information.
Enquire now on 02037908674 or 01212959988 for further details. Our offices are based in Finchley, Harrow and Birmingham where the practical training will be conducted. Email us on email@example.com