If youâ€™re a UK construction contractor or an accountant with construction clients, you’ll love what we announced at Xerocon London.
Youâ€™ll no doubt know all about the Construction Industry Scheme (CIS), which mandates a set of rules for payments made by contractors and subcontractors. There are a number of tasks and calculations mandated with CIS. Those includeÂ every single invoice or bill you send, providing subcontractors with accurate statements and filing returns by the 19th of each month to HMRC.
With so much to do, keeping on top of your CIS duties could take vital time away from actually running your business.Â
Managing your duties just got a lot easier
At Xerocon London, we launched the open beta of the ability to file monthly CIS returns directly from Xero to HMRC. And weâ€™ve had some great feedback from some of our early testers:
â€œEasy to use and very straightforwardâ€�
â€œItâ€™s a really easy process, Iâ€™m very pleased with itâ€�
â€œThe process has made things so much easierâ€�
â€œGreat time saverâ€�
â€œQuick and easy, simple processâ€�
â€œGreat progress for CISâ€�
We’re currently providing online filing for free as part of the open beta. Our basic CIS functionality,Â which already automates deductions and calculations is free with any Xero Business Edition plan. We think that using our online filing, combined with our basic CIS capabilities, will save hours each month for small businesses and their accountants.
Get started: Filing is easy
- Go to the Reports > All Reports > Tax > CIS Monthly Return and Online Filing Beta
- If youâ€™re already using our new navigation then go to Accounting > Reports > Tax > CIS Monthly Return and Online Filing Beta
- Then take a look at this handy guide that shows you how to file your return.
Set up on CIS in Xero and start saving time
If youâ€™re yet to enable CIS in Xero then donâ€™t worry â€“ it only takes a few steps.
Simply loginÂ to Xero and select Settings > Financial Settings. If youâ€™re already using our new navigation then go to Accounting > Advanced accounting > Financial Settings.Â Once youâ€™ve filled in and saved your CIS details youâ€™ll be up and running.
With over a million businesses in construction, itâ€™s by far Britainâ€™s biggest industry, so weâ€™re really pleased to have launched a game-changing feature. Look out for more construction centric features in the coming year.
Visit the Xero website for more information on our Construction Industry Scheme functionality.
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