New feature in QuickBooks Online automates the calculation and reporting of CIS deductions all in one place, allowing contractors to spend more time running their business
Intuit QuickBooks, the world’s number-one online small business accounting platform, has launched QuickBooks CIS, helping construction contractors to save time by enabling them to calculate, manage and report on Construction Industry Scheme (CIS) deductions, all in one place. The offering is available at no extra charge to all QuickBooks Online customers.
The construction industry is one of the largest sectors in the United Kingdom with over 1.2 million construction contractors[i]. Moving these contractors, who are vital to the prosperity of the UK economy, away from homemade spreadsheets to more accurate payments tracking, will help them avoid unnecessary fines and thrive. Key features of the QuickBooks CIS module, which is fully integrated into QuickBooks Online and available for free to QBO users within their monthly subscription, include:
- Auto-calculation of monthly CIS returns and deductions: QuickBooks CIS automatically calculates the amount of tax a contractor must deduct and pay to HMRC so contractors can save time and feel confident that the deductions from subcontractor payments and monthly tax returns, National Insurance calculations, and CIS records are accurate. Subcontractors can have confidence that their self-assessment tax return listings contain complete and accurate CIS deductions.
- CIS enabled invoicing and billing: Contractors can get paid faster with less effort though an integrated invoicing and billing feature that works seamlessly with QBO.
- Custom reporting with automated monthly statement calculations: Avoid penalties and fines for incorrect or late payments by simplifying the filing process with QuickBooks. CIS statements can be downloaded from QuickBooks easily and securely, as required by HMRC, to quickly see how much you need to pay.
- CIS enabled bank feeds: Seamless bank account integration means transactions are automatically calculated with no effort.
Dominic Allon, Vice President and Managing Director, Intuit Europe, said: “After hundreds of hours of direct conversations and observations of our construction customers, we saw how fed up they were with the time-consuming and stressful task of manually calculating and reporting monthly CIS deductions. Not one contractor we met got into this business because they loved taxes, deductions, and compliance. We knew we could help revolutionise this process, saving them time and increasing accuracy and confidence, so they could get back to doing what they love – running their business. And we made this feature completely free for them, because there’s no reason they should have to pay more to stay in control of their taxes.”
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QuickBooks CIS provides a better way for accounting professionals and bookkeepers to support clients’ CIS requirements by managing them in the same place as their other finances. It will help them to spend more time as a trusted advisor to clients and uniquely support the 1.2 million construction contractors in the UK.
Sarah Stonham, Accountant, First Call Accounting Limited, said: “QuickBooks has transformed the way I manage my clients’ CIS deductions. Before, I was spending hours on manual calculations and reporting. Now, I’m saving around 1.5 hours per month per client, allowing me to be much more efficient and partner with my clients more effectively.”
The QuickBooks Online CIS add on is completely FREE and available to QuickBooks Online web users within their monthly subscription. For more information, go to www.quickbooks.co.uk/small-business/cis