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Pryme Tax Retention
What is Pryme Tax Retention?
Pryme Tax Retention is a new way for businesses in the construction industry to manage tax returns within Microsoft Dynamics 365 Business Central. It allows users to automate the accounting and reporting for Construction Industry Scheme (CIS), Relevant Contract Tax (RCT), and IRPF tax deductions. It is designed for the construction and contracting industry, for principal contractors withholding tax to subcontractors in the UK, Ireland, and Spain.
Pryme Tax Retention Features
Automated Tax Retention for Accounting
Pryme Tax Retention automates the process of calculating and withholding the appropriate amount of CIS tax, RCT tax, or IRPF tax from payments made to subcontractors once the invoice is received.
Automatic postings for can be created from invoices based on vendors, items and GL accounts for accurate reporting, eliminating the need for manual calculations and paperwork. This ensures that the correct amount of tax is being withheld and paid to the Tax Authorities, allowing construction companies to stay compliant with government regulations and reducing the risk of fines and penalties.
Automatic Tax Retention Reporting
Pryme Tax Retention can generate automatic reports with all the information needed by the government, such as the amounts retained and paid, the subcontractors and contractors involved, and the dates of the transactions, helping you stay compliant with regulations.
IT can also create automated CIS deduction, RCT deduction, or IRPF deduction statements and notify subcontractors the amounts withheld, providing all the information necessary for them to be able to properly account for the deductions on their own tax returns.
Easier CIS Return Submission
Companies registered in the Construction Industry Scheme (CIS) in the UK are required to provide the HMRC with details of the CIS deductions made and payments to subcontractors.
Pryme Tax Retention automatically pre-fills CIS returns, saving time by simplifying reporting obligations to the HMRC. The system enables submission of monthly CIS returns directly to the HMRC portal online.
Want more information about Pryme Tax Retention?
Synergy Technology is proud to be a Pryme Global Partner and Microsoft Gold Partner and to offer Microsoft Dynamics 365 Business Central solutions across the UK. We also offer support and integration with a number of other platforms, including Pryme Advanced Projects. Find out more by visiting our add-ons and integrations page, call us today on 0345 456 0050 or visit our contact page to send us an email.
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