Introducing the CIS suffered report
News posted by Hemi Trenholm 4 years ago
We love listening to your feedback and releasing new things, this month we are very excited to introduce our brand new suffered report for our CIS customers.
What is it and what does it do?
This report shows all of your transactions that had CIS suffered (deducted) from your paid sales invoices. You may use this figure to reclaim CIS deductions by making an Employer Payment Summary (EPS) submission if you are a limited company and in your self assessment in other cases. You would then need to deduct this amount from the bill to HMRC that's created when you run payroll through Clear Books and import into accounts.
How does it benefit you?
We want to make your life simpler and offer an effective solution for complying with the Construction Industry Scheme. We know our customers on community have been asking for this addition and we are very pleased to know offer this as part of our CIS solution.
Who will use it?
Our customers who are subcontractors under the Construction Industry Scheme (CIS) and wish to reclaim CIS deductions made from payments received for work in the construction industry.
How do I start using it?
Head to Preview, select the 'Configure company wide features' and turn the ‘CIS suffered report’ toggle on. Then head back to accounting and navigate to Reports > Overview > CIS > Suffered report. We also have a clear & simple support guide to get you started with using this handy new feature.