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.

This is a standalone app that works independently and can be used on Microsoft Dynamics 365 Business Central with or without Pryme Apps.

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

Tax retention accounting simplified through automation

Automatically calculate, withhold, and report taxes from subcontractors. Faster processing without manual work.

  • Automate CIS, RCT, and IRPF tax calculations directly from subcontractor invoices.

  • Ensure the correct tax is withheld and paid to the authorities.

  • Better control of your accounting with automatic postings by vendor, item, or GL account.

  • Stay compliant with government regulations and reduce the risk of fines.

CIS accounting software

Tax retention accounting simplified through automation

Automatically calculate, withhold, and report taxes from subcontractors. Faster processing without manual work.

  • Automate CIS, RCT, and IRPF tax calculations directly from subcontractor invoices.

  • Ensure the correct tax is withheld and paid to the authorities.

  • Better control of your accounting with automatic postings by vendor, item, or GL account.

  • Stay compliant with government regulations and reduce the risk of fines.

CIS accounting software
CIS accounting software

Tax retention reporting that’s effortless

Generate accurate deduction statements automatically and stay compliant.

  • Automate CIS, RCT, and IRPF deduction statements including amounts withheld and paid, the parties involved, and the transaction dates.

  • Notify subcontractors of withheld amounts for their own tax returns.

  • Ensure full compliance with government regulations.

  • Avoid penalties by reporting accurately and on time.

Tax retention reporting that’s effortless

Generate accurate deduction statements automatically and stay compliant.

  • Automate CIS, RCT, and IRPF deduction statements including amounts withheld and paid, the parties involved, and the transaction dates.

  • Notify subcontractors of withheld amounts for their own tax returns.

  • Ensure full compliance with government regulations.

  • Avoid penalties by reporting accurately and on time.

CIS accounting software

Monthly CIS return filed directly to HMRC

Connect to HMRC online portal and simplify your reporting obligations.

  • Verify your subcontractors online.

  • Automatically pre-fill CIS returns with deductions and subcontractor payments.

  • Submit monthly returns directly to the HMRC portal.

  • Avoid late submissions and the risk of penalties.

CIS accounting software

Monthly CIS return filed directly to HMRC

Connect to HMRC online portal and simplify your reporting obligations.

  • Verify your subcontractors online.

  • Automatically pre-fill CIS returns with deductions and subcontractor payments.

  • Submit monthly returns directly to the HMRC portal.

  • Avoid late submissions and the risk of penalties.

CIS accounting software

Pryme CIS Tax Retention​

Automate the accounting and reporting for CIS tax deductions.
HMRC recognised!

190£

per prod. env./month

Pryme RCT Tax Retention

Automate the accounting and reporting for RCT tax deductions.

210€

per prod. env./month

Pryme IRPF

Automate the accounting and reporting for IRPF tax deductions.

210€

per prod. env./month

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. Specifically, the scheme applies to businesses that work in the construction industry. Under the CIS, contractors must deduct money from subcontractor payments for tax and NICs and pass this money on to HM Revenue and Customs (HMRC). In addition, contractors are also required to register with HMRC and maintain records of payments made to subcontractors. Likewise, subcontractors must register with HMRC and provide the contractor with a CIS tax certificate, which confirms their tax status.​

Under the RCT, contractors and subcontractors must register with the Irish Revenue or the UK HM Revenue and Customs (HMRC) and charge VAT to their customers. However, they do not need 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.​

Similarly to the CIS, the RCT establishes rules and regulations specific to the construction industry to ensure that businesses pay the correct amount of VAT on worker payments. Moreover, the RCT outlines compliance requirements for contractors and subcontractors, including record-keeping for payments and registragion with 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.​

Earning recognition as a supplier and software provider for the Construction Industry Scheme (CIS) online by HMRC requires meeting HMRC’s rigorous standards for compliance and efficiency. To achieve this, listed products must demonstrate the ability to file a valid CIS300 form or return as well as successfully complete online verifications.

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

You can easily install Pryme Tax Retention for a free trial. Simply install it from Microsoft AppSource, or directly in Business Central through the Extension Marketplace page.

Pryme Tax Retention is an extension built on Microsoft Dynamics 365 Business Central. Since it is specifically developed for Business Central, it cannot run on other platforms.

Give your company a boost with our apps!

Discover which project-centric software solution is the best match for you.