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CIS enables main contractors using the WennSoft Job Cost Project Management package to comply with the Inland Revenue’s CIS accounting regulations which govern the payment of sub-contractors in an easily manageable and auditable way.
The CIS (previously the Construction Industry Tax Deduction Scheme) has placed even more obligation on the contractors to check the existence, type and validity of the CIS certificates held by sub-contractors. The certificate type dictates it at source and pays it to the Inland Revenue on its behalf. The most common of the four certificates is CIS 4 (P), which entitles the holder to be paid, less a deduction of 18 per cent on account of tax and National Insurance. The main contractor must pay the deducted amounts to the Inland Revenue Accounts Office on a monthly basis. This CIS module withholds two per cent of payment to ensure the CITB (Construction Industry Training Board) levy is paid.
"CIS (Europe Only)" is part of the Job Cost line of products, developed by KEY2ACT.