Getting ready for the new CIS - Monthly returns. By Rebecca Benneyworth

Probably the most significant change for contractors under new CIS is the introduction of monthly returns. The new process replaces much of the payment based paperwork issued under the current scheme, and consolidates the reporting of information into a single monthly return, covering all subcontractors paid through the scheme in the tax month.

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Comments

Previous article

dan06 | | Permalink

Karen, I have added a link to last week's feature at the foot of this one - see 'related article' section above.

Further to Dennis's request, our technology editor will be researching CIS software options and will report back in a week or two's time.

Dan Martin
Business Editor
AccountingWEB

dennismiller's picture

any recommendations for CIS software?

dennismiller | | Permalink

Does anyone have any recommendations of which CIS software is best. I use Forbes for my tax return preparation and efiling but their CISassist seems rather expensive. I don't use Sage and have no knowledge of any of the other products listed on the HMRC site

CIS Software

Mary Wallace | | Permalink

I use Superpay for my client payrolls. They are bringing out a new CIS program in readiness for April. There is a 1-5 company versioin which is £60 +VAT, or a 6+ company version, costing £120 +VAT.
Their e-mail address is sales@superpay.co.uk , and the telephone number is 0161 832 4761

CIS Software

andrewbolton | | Permalink

QMS Ltd has reasonably priced software for CIS. Please email sales@sa2000.co.uk

can anyone send me last week's article?

karen.psymons.d... | | Permalink

I have missed last week's article re online verification can anyone tell me how to get hold of it or could they email it to me. Thanks

Unworkable

DonQuixote | | Permalink

A two week deadline x 12 per year is the worst case of regulatory burden I can recall, backed up by £100 penalties. The Revenue gave a talk last year to our local group and told us that these penalties would be put on hold until next October, but I can't think of a more onerous filing regime for any other taxes. I guess PAYE will be next.

Has anyone thought of ways around this awfully short deadline? It seems dreadfully harsh and almost unworkable for small contractors engaging a bureau. Small contractors are just the people who need assistance.

Dennis, I have been very happy with the CIS functions on the Moneysoft payroll program at Moneysoft.co.uk/pm_cis, and they state that they are confident of being ready for April 07.