Khpalwaak - CIS - Khpalwaak

Understanding the Construction Industry Scheme (CIS) and its associated rules and legislation
Registering for the CIS scheme and familiarising yourself with the different types of CIS
Using the Sage CIS activation wizard, setting up company preferences, including default nominal codes, and configuring CIS tabs
Setting up subcontractor records and verifying subcontractors manually and with Sage 50 CIS
Recording subcontractor work, including materials used and applicable tax deductions
Entering subcontractor invoices and credit notes, and processing subcontractor payments and deductions
Generating and submitting CIS monthly returns to HMRC, and creating monthly statements of tax deductions for subcontractors
Producing subcontractor analysis reports on a monthly and individual basis
Managing access rights and passwords to control who can view, create, or modify subcontractor records
Ensuring compliance with CIS rules to minimise the risk of penalties from HM Revenue & Customs (HMRC)
Storing records in preparation for potential HMRC audits
Staying updated with the latest CIS rules and generating Sage CIS contractor returns