Sub contract ledger

nickyb123

Can anyone explain what this involves. I have seen a job advertised in the construction industry which asks for CIS or sub-contract ledger experience. I have worked with sub-contractors and their timesheets before (not in the consutruction industry) but as I don't know what this means, I am guessing I don't have the right experience.

JodieR

The construction industry does have it's own set of rules when it comes to subcontractors. I would say that to fo the role you should know the following:-

What jobs fall within the scope of CIS
How to determine whether and at what rate CIS needs deducting
How to post subcontractors invoices into the accounting system
When to pay the CIS deducted from subbies over to HMRC
How to design/manage/issue statements of deductions to the subbies.
How to complete the CIS returns (usually online)

To be honest it's not that hard to get your head around (much harder to get clients to remember that it exists!)- HMRC run workshops which cover all the basics but in the employer's eye that's probably no match for experience!

Jodie