Construction Industry Scheme changes. Are you ready?
If you are in the construction industry, you will need to be aware of important legislative changes to the construction industry scheme (CIS) , which take effect from 06 April this year.
From the start of the new Tax Year, the first stage of these changes comes into effect and all CIS Returns will need to be filed online. After 06 April, if you discover that corrections are required to previous periods, these will also need to be re-submitted online. You can find out more details from the official HM Revenue & Customs Construction Industry Scheme website.
With only a few weeks to go, it’s critical to ensure that any software which you are using will be able to cope with the changes. Whilst completing returns manually and filing through the Gateway will help keep your business compliant, this can be a time consuming process and also increase the likelihood of filing incorrect returns through simple human error.
Why not take a few moments to check that you are set up and ready for the changes?
- If you will be using the Gateway for the first time, make sure that the service is activated and ready to use. Check that your staff understand how to complete the forms online, and ensure that you retain proof of submission once the returns are filed.
- If you are currently using specialist software, such as the CIS add-on module for Sage Accounts, this may need to be updated for the new legislation. Although an additional expense, it is worth weighing up the relative staff time costs of manually filing and submitting the returns, versus automatic preparation and submission via the software, removing the repetition of data entry to the gateway and reducing the likelihood of errors.