The Construction Industry Scheme makes contractors responsible for making deductions from subcontractors’ payments and passing them onto HMRC; which receives them as advance payment towards the subcontractor’s tax and national insurance
It’s not just those in the mainstream construction industry who must comply. The likes of property developers, local authorities, housing associations… in fact any company that spends over a million over a three year period on construction work must sign up to the scheme.
While this legislation will increase the flow of money to HM Revenue, it represents a cost to those administering it in time and hassle.
That’s where Pro Pal steps in, doing what it does best; taking on the admin burden, easing data flow and improving efficiency. Its CIS handling does all this for you:
- Apply standard or custom deduction rates to contractor invoices
- Generate monthly reports for HMRC with all the information required
- Ensure CIS deductions are always made.
- Automatically produce CIS payment and deduction statements for subcontractors.
- Where you work as a subcontractor Pro Pal provides you with detailed breakdown of CIS deductions from your own invoices.
This functionality is a great example of how Pro Pal reduces admin time and increases efficiency but it’s just a small example out of many that build to a revolution in the way your business operates.
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Lets’s get things moving today…
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