CIS & RCT tax retention
For principal contractors withholding tax to subcontractors in the UK (CIS) and Ireland (RCT)
Struggling to manually calculate CIS or RCT returns? Difficulties with staying compliant with government regulations on tax retention? Dreaming of an automated CIS return submission?
Get provided with better control of your bookkeeping by automating the accounting and reporting for CIS (Construction Industry Scheme) and RCT (Relevant Contract Tax) tax deductions. Specially designed for the construction and contracting industry in the UK and Ireland; or rather, for principal contractors withholding tax to subcontractors in the UK and Ireland.
In the past few years several studies in the UK have found thatusing tax calculation and withholding software can improve accuracy, efficiency, compliance, and reduce costs and errors in tax reporting. Just to mention an example, the National Audit Office report (2017) noted that the introduction of digital tax accounts for businesses has led to more accurateand timely tax reporting.
Streamline the accounting and reporting for CIS and RCT tax deductions with pryme CIS & RCT:
- Automate the process of calculating and withholding the appropriate amount of CIS tax or RCT tax from payments made to subcontractors once you receive the invoice.
- Create automatic postings for invoices based on vendors, items and GL accounts for accurate reporting.
- Eliminate the need for manualcalculations and paperwork and ensure in this way that the correct amount of tax is being withheld and paid to the Tax Authorities.
- Create automated CIS deduction or RCT deduction statements and notify your subcontractors the amounts withheld so that they can properly accountfor the deductions on their own tax returns.
- Simplify your reporting obligationsto the HMRC by getting your CIS returns automatically pre-filled and by submitting them directly to the HMRC online portal.
- Stay compliant and avoid penalties. Always.
The app supports the Essentials and Premium Editions of Dynamics 365 Business Central.
Great Britain, Ireland