Accounting for CIS Construction Industry Scheme
Clear Books supports accounting for the Construction Industry Scheme (CIS).
From the HMRC website the Constuction Industry Scheme is introduced as follows:
The Construction Industry Scheme (CIS) sets out the rules for how payments to subcontractors for construction work must be handled by contractors in the construction industry.
Accrual Dates and Flat Rate VAT Scheme
Here is a list of new features and updates released today.
Accounting
- Accrual Dates: In Organisation Settings accrual dates can be switched on for advanced users. This reveals an additional field on invoice forms which allows invoices to be accrued in different accounting periods to the invoice date.
- Flat Vat Rate Scheme: Changes in rates for the flat rate vat scheme are now supported. In Organisation Settings it is possible to set dates and applicable vat rates. These are then applied to sales invoices when running the VAT report to determine the total VAT owed to HMRC.
- Account Codes Standard account codes have been added to the preset defaults including Inventory and Long-term debt. Account codes can now be fully managed to set the associated vat rate and whether to display the code on drop down lists for sale items or purchase items. Defaults are set so you do not have to worry about this.
- Construction Industry Scheme The process for allocating cash to underlying transaction accounts has been improved.
