The Construction Industry Scheme, also known as CIS, is a tax plan that was introduced by the HMRC to make revenue from the Construction Industry. Contractors registered under the CIS scheme need to deduct 20% to 30% tax from the subcontractors depending on the registration status for CIS. This scheme minimizes tax evasion in the construction industry.
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 CIS 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.
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
Inquire 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 firstname.lastname@example.org