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Pegasus CIS (2.02): New Release

25/05/2006

Pegasus CIS (2.02) is a major release, which contains a significant number of new features and enhancements, including:

HMRC Legislative Changes
Support for Microsoft SQL Server
Functional Enhancements
General Maintenance

HMRC Legislative Changes April 2007

HM Revenue & Customs (HMRC) is changing the Construction Industry Scheme (CIS) with effect from 6 April 2007 and has set three broad aims for the new scheme. They are:

To reduce the regulatory burden of the scheme on construction businesses
To improve the level of compliance by construction businesses with their tax obligations
To help construction businesses to get the employment status of their workers right

The new scheme will dispense with CIS cards, certificates and vouchers and will incorporate:

Registration Process: subcontractors will continue to register with HMRC but, in addition to calling into a local office, this can be carried out electronically or by phone. Subcontractors will be informed whether they should receive payments gross or net. Subcontractors will no longer be issued with a card or certificate.
Verification Process: upon engaging a subcontractor who has not worked for a contractor for a set period of time, the contractor will no longer have a card or certificate to reference. Instead the contractor will need to contact HMRC to confirm the contract is one of self-employment, and to ascertain whether the subcontractor should be paid net or gross.
Payment by Contractor to Subcontractor: the contractor will make payment to the subcontractor, in accordance with the net or gross instructions given by HMRC.
Recording and Reporting Payments: the contractor will submit a monthly return to HMRC showing the amount paid and, in net cases, the amount of materials and deductions for all subcontractors to whom payments have been made.

Pegasus CIS (2.02) features all the necessary software functionality for the 2007 legislative changes

For more information or if you want to see next years software NOW! just email : cis@synergytechnology.co.uk

News Source: Pegasus