Exchequer Construction Industry Scheme Module
Exchequer is ideal for any SME company in the construction and allied industries that employs sub-contracted employees, who are responsible to the HM Revenue & Customs (HMRC) to account for tax deductions at source.
CIS/RCT certificates that, depending on the certificate type, entitle the sub-contractor to receive payments from the contractor either gross or net of CIS/RCT tax deductions are easily handled.
The CIS/RCT module has five basic functions:
- To report on all payments to sub-contractors by the contractor over a given period of time
- To automatically withhold tax from those sub-contractors who are registered as being taxable
- To generate vouchers (CIS/RCT Certificates) for each sub-contractor of all payments made and tax withheld for their own records
- To report on all tax withheld for sub-contractors by the contractor over a given period of time
- To provide pertinent CIS/RCT statutory information for reporting to the revenue authorities
