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Sage 50 CIS module

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Summary

How the Sage 50 CIS v2 module for Sage 50 Accounts makes it easy for you to process under the Construction Industry Scheme (CIS).

Description

 

 

If you carry out construction work in the UK as a contractor, the Sage 50 CIS v2 module for Sage 50 Accounts will help you process your CIS. It helps you keep up to date and compliant with the CIS legislation and cuts down the amount of time you spend managing your subcontractors' tax. Let's take a look at what it does:

  • Verify subcontractors' CIS details online with HMRC
  • Apply the correct deduction rates to payments
  • Submit HMRC CIS Returns online
  • Make corrections and resubmit amended returns

NOTE: If you're a subcontractor and want to record invoices and deductions suffered, please refer to our handy guide.

Haven't purchased the Sage 50 CIS v2 module? 

To follow the steps below you need to have purchased the Sage 50 CIS v2 module. If you're interested in finding out more about the module and how to get it, leave your details and we'll be in touch.


Resolution

Activate the CIS v2 module

Once you've purchased a Sage 50 CIS v2 module subscription, you need to activate and set up the Sage 50 CIS v2 module.


Not sure you have the Sage CIS v2 module activated? You can check this in your About page in Sage 50 Accounts.

Setup and verify subcontractors

Once you activate the module, you can enter your subcontractors' details. If you've already set up supplier records for your subcontractors, you can add the CIS details to these existing records. For any subcontractors not yet entered in the software, you can create new subcontractor records.

You can follow the steps in our handy guide to create and verify subcontractor records.

Processing CIS transactions

When your subcontractor records have been set up, you can process your purchase invoices as normal. When you pay your subcontractors, Sage 50 CIS v2 automatically calculates the deductions you need to make and posts the required credit notes. This means you can be sure that the deductions you make are accurate and nothing is missed.

You can refer to our guide on posting CIS transactions for full details.

Submit or resubmit your CIS return

Under CIS, as a contractor you must submit a CIS Return to HMRC each month, detailing any deductions made. Returns must reach HMRC within 14 days of the end of the relevant tax month. For example, if the return is for the tax month ending 5 June, HMRC must receive the return by 19 June.

Using the Sage 50 CIS v2 module, you can submit your returns directly to HMRC online. If you make any amendments to previously submitted periods, you can also resubmit amended CIS Returns.

You can follow the steps in our great guide to generate a CIS Return or amend and resubmit a return.

CIS corrections and refunds

Using the Sage 50 CIS v2 module, you can make corrections and refunds for subcontractor payments that you've included on a CIS Return submission.

If you make manual corrections that affect the monetary values on a previously submitted CIS Return, you must resubmit the return for that period.



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