HMRC Compliant Construction Industry Scheme (CIS) Submission Solution
Under the Construction Industry Scheme (CIS), there are certain requirements that must be met by all Construction Businesses carrying out projects in the UK (even if the construction business is not based in the UK).
All Contractors and Sub-Contractors must register for the scheme. Registration isn’t mandatory for subcontractors; however, deductions are taken from their payments at a higher rate if they’re not registered.
Compliance with the construction industry scheme involves deducting the right amount of money from a subcontractor’s payment and then passing this information on to HMRC, in the correct format. These deductions count towards the subcontractor’s tax and National Insurance. This process can be complex time consuming and with little flexibility for error.
The Namos CIS submission solution provides a comprehensive and automated platform for this process.
The Namos CIS submission solution can be fully integrated into Oracle Cloud (this solution is not provided natively in Oracle Cloud). It is HMRC compliant and accredited by the Oracle Cloud Marketplace, offering added value to Oracle Cloud customers.
Allows contractors to automate the creation of the mandatory verification and submission files for HMRC CIS payments
Transmits files directly from your Oracle ERP Cloud environment directly to HMRC
Allows users to submit CIS300 and complete CIS Verifications, an important process that is required to determine what tax to apply to the subcontractor, for example 30%, 20% or 0%
Tracks and records all CIS specific subcontractor information
Automatically validates your records against HMRC records
Carries out automated revalidating of CIS contractor details
Receives automated notifications of changes or issues
Automatically calculates the right CIS deductions from subcontractor payments
Generates automated payments to HMRC
Tracks CIS related data against supplier records
Automates verification of supplier UTR details against the HMRC database
Configures payment generation to HMRC based on rules engine
Generates a submissions report to HMRC at the end of each period which collates the individual subcontractor deductions made within that period
Saves you time and avoids costly mistakes, as the process is automated and verified
Assists you in being HMRC compliant
Allows your team to focus on what is value added rather than mundane tasks
For more information on our CIS Submission Solution please get in touch below and we will get back to you:
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