CIS/ software?

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Sarah-Lou
Sarah-Lou Registered Posts: 141 Dedicated contributor 🦉
in General accounting discussion
Just got a client who needs to be operating CIS and hasn't been. I see on HMRC website about the fines if you submit late, don't keep records etc but what if you should have registered in January but didn't??

Also, is the HMRC online facility sufficient or do you run CIS through software you have, and in which case what would you recommend?

Thank you :)

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  • peaman
    peaman Registered Posts: 123 Beyond epic contributor 🧙‍♂️
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    I don't know if there are specific fines for late registration, but they will receive the usual late penalties for late submission of the monthly returns. I would be tempted to register from March and include all the CIS payments from January to 5th April on the return for the m/e 5th April to reduce the penalties.

    The HMRC software works OK, but it is very basic and the client will need to complete the CIS monthly statements for the subcontractors some other way (i.e. Excel). I submit monthly CIS returns through my Moneysoft payroll which is much quicker than the HMRC software, it produces the CIS subcontractor statements and it was a very reasonable price!
  • Sarah-Lou
    Sarah-Lou Registered Posts: 141 Dedicated contributor 🦉
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    Thank you peaman! Really useful advice and appreciate the comment about Moneysoft, I use it in my employed role and was hoping the CIS function would be good and hearing from someone who uses it is the best testament. Thank you!
  • stevo5678
    stevo5678 Registered Posts: 325
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    Moneysoft works very well for me.

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