pryme Tax Retention

CIS tax / RCT tax / IRPF tax calculation and withholding software

CIS tax

pryme Tax Retention

CIS tax / RCT tax / IRPF tax calculation and withholding software

About pryme Tax Retention

Automate the accounting and reporting for Construction Industry Scheme (CIS), Relevant Contract Tax (RCT), and IRPF tax deductions. For principal contractors withholding tax to subcontractors in the UK, Ireland, and Spain. Specially designed for the construction and contracting industry

Looking for new ways to manage your tax returns within your ERP?

Automate the process of calculating and withholding the appropriate amount of CIS tax, RCT tax, or IRPF tax from payments made to subcontractors once you receive the invoice. Create automatic postings for invoices based on vendors, items and GL accounts for accurate reporting. By eliminating the need for manual calculations and paperwork, you ensure that the correct amount of tax is being withheld and paid to the Tax Authorities. ​​

Get provided with better control of your accounting with automatic postings based on the report.​

Stay compliant with government regulations thus reducing the risk of fines and penalties.

When reporting the amount of CIS, RCT, or IRPF tax that has been retained and paid to the government, you need to provide information such as the amounts retained and paid, the subcontractors and contractors involved, and the dates of the transactions.  Create automated CIS deduction, RCT deduction, or IRPF deduction statements and notify your subcontractors the amounts withheld. This information is necessary for the subcontractors to be able to properly account for the deductions on their own tax returns.​

Stay compliant with government regulations and avoid penalties for non-compliance. ​

Being registered under the Construction Industry Scheme (CIS) in the UK means that you are required to provide the HMRC with details of the CIS deductions made and payments to subcontractors. Get your CIS returns automatically pre-filled and simplify your reporting obligations to the HMRC. Submit your monthly CIS returns directly to the HMRC portal online. ​

Meet your reporting obligations and avoid failing to submit CIS returns on time that can result in penalties and fines.

pryme CIS Tax Retention​

Automate the accounting and reporting for CIS tax deductions

Free trial

pryme RCT Tax Retention

Automate the accounting and reporting for RCT tax deductions

Free trial

pryme IRPF

Automate the accounting and reporting for IRPF tax deductions

Free trial

FAQS

The Construction Industry Scheme (CIS) is a set of rules and regulations set by the UK government to ensure that contractors and subcontractors in the construction industry pay the correct amount of tax. The scheme applies to businesses that work in the construction industry. Under the CIS, contractors are required to deduct money from a subcontractor’s payments for tax and NICs, and to pass this money on to HM Revenue and Customs (HMRC). Contractors are also required to register with HMRC and to keep records of the payments they make to subcontractors. Subcontractors are also required to register with HMRC and to provide the contractor with a CIS tax certificate, which shows their tax status.​

Under the RCT, contractors and subcontractors are required to register with the Irish Revenue or the UK HM Revenue and Customs (HMRC) and to charge VAT to their customers, but they do not have to remit the VAT to the government. Instead, the customer is responsible for paying the VAT to the government, either directly or through their own VAT return.​

The RCT is similar to the CIS in that it is a set of rules and regulations specific to the construction industry, and it aims to ensure that the correct amount of VAT is paid on payments made to workers. The RCT also includes compliance rules that contractors and subcontractors must follow, such as keeping records of payments and registering with the tax authorities.​

Tax retention software is used to calculate and manage the withholding of taxes. Apart from calculating taxes, it usually generates reports and forms for compliance with tax laws.​

Tax retention software should have the following features: accurate tax calculation, and reporting and compliance.​

pryme Tax Retention can easily be installed for free trial. The installation can be done from Microsoft AppSource, or in Business Central from the Extension Marketplace page.

pryme CIS & RCT is an extension for project-centric businesses built on Microsoft Dynamics 365 Business Central. It can only be built on Business Central. ​

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