Sage 50 CIS Julia Wedgwood Agenda

Sage 50 CIS Julia Wedgwood

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

CIS Scheme objectives • Reduce administration costs to the industry • Improve the levels of compliance • Help construction businesses get the employment status of their workers right

CIS Changes 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 6 th April 2007)

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 (CIS 300)

Invoices

Payments

Returns Returns

verification Not required • Where paid between 6 th April 2005 & 5 th 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 6 th April 2007 Accurate information will ensure successful 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 (CIS 300)

Reports • Contractors Monthly Return • Subcontractor Payments Statement Report

How can we help you • Advice • Support • Training & installation