Inoapps Launches HMRC Compliant Construction Industry Subcontractor Management Application for Oracle Cloud ERP
Leading global Oracle Platinum Partner Inoapps (www.inoapps.com) has launched a Construction Industry Scheme (CIS) application for Oracle ERP. Working alongside the Oracle ERP Cloud platform, the application enables main contractors to manage subcontracted work packages in accordance with the UK Government’s Construction Industry Scheme guidelines.
By delivering a seamless integration between the UK Government’s HMRC (Her Majesty’s Revenue & Customs) Portal and Oracle’s Cloud ERP technology, the Inoapps application streamlines and manages every aspect of CIS-specific information on subcontractors, delivering an end-to-end business process in a single, fully integrated solution. Regardless of the number and type of subcontractors or the number of tax regimes involved, the system saves significant time and effort, and helps to avoid costly fines by ensuring compliance with tax regulations.
With the new system integrated into Oracle ERP Cloud, organisations can track and record all CIS-specific information for their key subcontractors, including Unique Taxpayer Reference, certification status and tax code. The solution automatically validates that information against HMRC records and calculates the relevant deductions from subcontractor payments, generating automated payments to HMRC for the appropriate amount. Contractors also receive monthly subcontractor statements from the system, which automatically updates to reflect changes in legislation and the validity of certificates.
The new application is a timely solution to the challenge that Construction industry organisations face in their business process, due to the recent changes at HMRC that have seen the removal of phone line services for CIS Verification. Removing access to call centres means that organisations need an electronic way to carry out their submissions – a solution that the Inoapps application can provide.
Commenting on the new application, Inoapps’ European Region Leader Andrew Norris said, “Many Construction organisations deliver their projects through the use of subcontracted resources. The UK Government mandates that all subcontracted work in the Construction industry must adhere to the HMRC CIS, with strict regulations around subcontractor tax payments and the obligation to ensure that adherence sits firmly with the prime contractors.
“As Inoapps has demonstrated leadership in the delivery of Oracle Cloud ERP systems to both UK and global Construction organisations, we were ideally placed to develop and deliver a professional solution for main contractors of all sizes. The feedback from the initial deployments of the Subcontractor Management App has been immensely encouraging and we are therefore confident that our system will soon become the de facto system for Construction companies using Oracle ERP Cloud technology.”
Inoapps is holding an Executive Round Table event for the Construction sector at the Royal Institution of Chartered Surveyors. The event is called Digital Disruption: The Future of the Smart Construction Industry. Those interested in attending can do so by registering at: http://www.inoapps.com/digital-disruption-future-smart-construction-industry/