Overview
The IAB Level 2 Award in Construction Industry Scheme qualification has been specifically designed to enable those who have completed the qualification to effectively record and maintain financial information to comply with the requirements of the CIS.
Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC). The deductions count as advance payments toward the subcontractor’s tax and National Insurance. Contractors must register for the scheme. Subcontractors do not have to write, but deductions are taken from their payments at a higher rate if they are not registered.
1 - Knowledge Test
Key information:
Guided Learning Hours – 30
Total Qualification Time – 40
Credit value - 4
Overview
The IAB Level 2 Award in Construction Industry Scheme qualification has been specifically designed to enable those who have completed the qualification to effectively record and maintain financial information to comply with the requirements of the CIS.
Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC). The deductions count as advance payments toward the subcontractor’s tax and National Insurance. Contractors must register for the scheme. Subcontractors do not have to write, but deductions are taken from their payments at a higher rate if they are not registered.
Learners intending to further their studies by completing this qualification must have a good level of experience in Cloud Based Accounting Software.
This qualification is assessed via an online Sage assessment which is a time constraint knowledge test.
Key information:
Guided Learning Hours – 30
Total Qualification Time – 40
Credit value - 4
Who is this qualification for?
The IAB Level 2 Award in Construction Industry Scheme qualification has been designed to appeal to learners who:
- Wish to further their studies in accounting and recording financial transactions for the Construction Industry and gain a qualification at Level 2 of the regulated qualification framework.
- Already have some practical knowledge and skills and wish to gain an accredited qualification in the subject of the construction industry scheme
- Who are considering a career as a self-employed practitioner, and
- Owners of small businesses as it gives coverage of the use of commercially available computerised software suitable for maintaining accounts for the construction industry.
- Learners intending to further their studies by completing this qualification must have a good level of experience in Cloud Based Accounting Software.
What you’ll study
By completing this qualification, learners will have knowledge and understanding of:
- Introduction to accounting and sub-contractors' taxation
- Keeping CIS records for VAT (Value Added Tax) and non-VAT registered businesses
- CIS Domestic Reverse Charge
- Gross payments
- Creating customer and supplier CIS records
- Creating sales invoices and credit notes for CIS tax with held
- Recording sales receipts from customers and main contractors
- Recording purchase payments to suppliers and main contractors
- Recording of refunds received from HMRC
- Preparation of management information reports and CIS monthly returns
How much will it cost?
Learners studying or wanting to study through a training provider, (classroom-based or distance learning) should contact potential training providers to get an idea of the total cost for the qualification. As many of the training providers will include the IAB registration fees into their own fee.
This fee covers the following:
- Registration onto the qualification
- All relevant assessment fees (excluding re-sits)
- Certification upon successful completion of all assessments
This qualification requires the use of Sage Business Cloud software. Access will be provided to all learners once registered for the qualification.
How is it assessed?
This qualification consists of an online knowledge test.
Next Steps After Passing
Upon successful completion of this qualification, learners will be able to progress to other IAB regulated qualifications. Learners may also apply for professional membership at the grade of Associate.
Sage Qualification Info
Please be aware that, once provided with your log-in for Sage Business Cloud, Sage will only allow you to access the portal for 180 days. If you have not completed your Sage element of your qualification in this time, you will need to contact Sage support@sagequalifications.com to arrange for an extension. Please note that there will be a fee for this, payable directly to Sage Qualifications.