FEATURES & BENEFITS
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Full CIS Support
Powered Now CIS Software
Powered Now provides full Construction Industry Scheme (CIS) support.
HOW DOES POWERED NOW CIS SOFTWARE HELP?
The benefits are:
- Save time by having Powered Now do all CIS calculations and reports for you
- Avoid fines for late CIS returns
- Make sure you follow the law correctly and avoid problems with HMRC
- Take advantage of the opportunity to encourage your subcontractors to use Powered Now saving time rekeying and errors for both parties
- Have everything ready to be exported into your accounting system
Powered Now delivers powerful construction industry scheme software simply as a by-product of all the other useful things that it does.
- An inbuilt CIS calculator helps save the need for calculators or mental arithmetic
- Powered Now CIS software allows contractors and subcontractors to enter all the extra details needed to calculate and record CIS and produce the necessary reports
- There is automatic calculation of expected CIS deductions when sending a CIS invoice to a contractor, effectively providing a CIS invoice template for subcontractors
- There is automatic calculation of CIS Payments for the contractor to the subcontractor
- Mandatory CIS reports cover the statement that must be sent to subcontractors and outline the deductions made with a summary allowing the monthly CIS 300 to be completed
- A CIS report is also produced for subcontractors allowing them to complete their CIS tax return
- When both parties use Powered Now:
- Information is automatically sent from subcontractors to contractors so that subcontractors can be verified
- Invoices are sent electronically from subcontractors to contractors saving re-keying
- Payments and hence details of construction industry scheme deductions are sent electronically from contractors to subcontractors saving re-keying
- Reports enabling all reporting mandated by HMRC are available
This construction industry scheme software (CIS software) helps trades companies to manage subcontractors and their CIS tax deductions with minimal effort. The inbuilt CIS deductions calculator takes the hard work out of everything to do with CIS paperwork.
What is CIS?
CIS (Construction industry scheme) is a tax law relating to work done by subcontractors for contractors in the UK. It involves the contractor deducting CIS before paying each subcontractor invoice. Even more details of both CIS and how Powered Now helps can be found here. Click here for more details.