Paper CIS Returns - Soon to be a Thing of the Past
Upcoming changes to HMRC's Construction Industry Scheme
18 March 2016 09:34
Are you a contractor used to submitting your Construction Industry Scheme returns on paper?
As of April 2016, you'll no longer be able to submit CIS returns in this way.
More than 85% of contractors and authorised agents already submit CIS returns online. If you're one of the remaining few that doesn't, why not take action now? If you prepare yourself, you'll be ready and able when the time comes. Why risk incorrectly submitting in future when you can learn how to now?
HMRC also announced that as of April 2017, it will stop accepting telephone verifications. This is part of their commitment to improve operations through increasing use of modern technology. So it makes sense to take every measure you can so you don't get left behind.
HMRC are now trying to persuade the last few to switch to the online process. To make the process more attractive, they're introducing a host of useful features. Online services will give users greater control over their submissions. They're set to introduce online amendments, so any errors you spot can be sorted before it's too late. They will also bring in online messaging and alerts. It's sometimes easy to let your returns slip to the back of your mind, but these new features should help with that. The opportunity to review your returns means you'll also benefit from better filing accuracy. So if you switch to online returns now, you'll get free reminders and be less likely to make mistakes. With the help of online amendments, you’re better protecting yourself against fines of up to £3000. What’s not to like?
Take action now. If you're still sending paper returns, you’ll need to register for online services ahead of the April 2016 changes. To register online you’ll need your HMRC employer reference and Accounts Office (AO) reference.
Online CIS returns will make you more organised, cut down on paper and take a great deal of stress from your monthly returns. You have to switch come April anyway, so why not now?
If you want advice on how to start using HMRC's online returns process, why not get in touch? Or give us a call on 01228 586790 for a quicker response.
Struggling to stay on top of your accounts? Have a look at our Contractor and Construction Industry Services and find out how you could free up more time for your business.