CIS Tax scheme
The UK construction industry have to operate under the CIS tax scheme - It's a bit like VAT but for tax at source for subcontractors. I currently have to have two dummy bank accounts to manage CIS. Would be great if that could be written into QB. It already does VAT so shouldn't need too much coding!
Stage 1 & 2 completed and released
We’re releasing in stages and are excited to have launched the ability to create CIS transactions, generate CIS reports but can’t current e-file directly to HMRC. If you would like to switch it on, go to your company settings>Advance>Accounting and you can now switch on CIS.
This is how to use it in QuickBooks-
- If you’re a contractor, create your subbies as suppliers in QuickBooks. Enter in their Verification number and CIS rate.
- If you’re a Sub-contractor, create the contractor who pays you as a Customer. You would have been prompted for your own CIS rate under the settings page.
Some additional guidance here on what QuickBooks can do with CIS: https://sway.com/aqBYhCz7STBn5XmB
Stage 3 is the ability to file and automatically send out payment & deduction statements which is coming over the next few months
I need a report to:
Show figures broken down by tax months then reported by sub-contractor. To be used to send to the sub-contractors at the end of a tax year, for their reconciliation.
When is stage three coming? It's frankly a bit lame that it isn't already here. You can automatically complete RTI so why not CIS?
I think it's great that you have created the ability to calculate the CIS on invoices. However it is my understanding that there is not the ability to show the CIS deduction on the invoice (my own imported invoice style that is). Is this correct and is this something that is in the pipe line to fix? Thanks.
Stuart Coleman commented
I am also keen to find out when this is likely to be an added feature, one of my clients needs it! I work for a firm of accountants who would sign up straight away if it was available. Look forward to hearing from you.
Any idea when this is coming _ must be thousands of contractors out there struggling with QB as its not there and thousands more not going to QB because it isnt!!
I really really need this feature for both my companies, i will not be able to use the software without it - and i really like all the other QBO features - please add this
Please may you give an estimate of when this feature will be available?
Would like you to add a field on a suppliers account that deducts 20% so it balances the invoice.
Each month you have an account with the deducted 20% to pay HMRC.
Yes, yes a million times yes!
This would be really useful. I had to go with a different package for a new client!!
Phillipa Burton commented
Need to able to account for invoices paid less the tax I.e. As part of the CIS scheme so that when a payment is received it does not leave the invoice looking as though it was underpaid
paul smith commented
It would be nice to be able to report monthly cis returns to HMRC along with payroll.
CIS Tax deduction on invoices at the moment Kashflow seems to be the only product that can do this as part of the invoice
how do I add notes like VAT certificates and paper work I want to link with the account. I can see it on the iPad app but can't see them on the MAC via a web page
The online version is very poor, not job costing, no job reporting, CIS for construction industry is not there, customise invoice is also very poor.
Big shame that Quickbooks can't copy the desktop version to online!!!
The ability to use 'CIS' within the system would be helpful to anyone like ourselves in the construction industry.
To show Tax suffered on all company invoices raised and tax deducted on all invoices raised from our subcontractors.
Maybe having a suppliers section or button that notes that supplier/sub contractor as CIS deductable and at what rate.
And from this create reports to file CIS monthly returns.
Be able to create monthly statements for all our sub contractors and check off all deductions against monthly statements received from invoices raised to a contractor.
In quickbooks desktop we were able to add custom fields to invoices that would track accounts, for instance deduction of CIS from invoices. It would be good if we could have this feature in quickbooks online too
It would be useful under suppliers and customers to have a box where we can record VAT numbers and CIS verification numbers
cis deductions in QB