Cloud accounting software company Xero has announced new Construction Industry Scheme (CIS) features to help contractors and subcontractors manage their CIS obligations faster
Around a million construction contractors and subcontractors in the UK need to comply with special tax rules and regulations called the Construction Industry Scheme (CIS). Xero aims to provide contractors, subcontractors and accountants with the capability to manage their CIS compliance.
Deductions will be automatically calculated from subcontractor invoices, and in the future customers will be able to submit returns to HMRC. Available in beta for some customers, features include adding supplier contractor and subcontractor information into Xero, automatically calculating CIS deductions before making payments and producing contractor monthly CIS Returns, and creating subcontractor payment and deduction statements.
Xero has announced its largest wave of new products as it evolves from online accounting software to a global small business platform to help grow millions of businesses around the world. Xero recently launched ‘Xerocon’, its annual UK conference in London attended by some 2,000 accountants, bookkeepers and ecosystem partners, representing 24 countries.
Rod Drury, Xero founder and CEO, said: “We are early in the journey of using artificial intelligence to simplify accounting to make it easier for small businesses.
“We are proud to deliver a new generation of smart tools to drive further productivity. In parallel, our focus is to create opportunities for our community of accountants and bookkeepers to take advantage of our global platform to help grow small businesses and create new jobs.”