Construction Industry Scheme (CIS) Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractorâs payments and pass it to HM Revenue and Customs (HMRC). The deductions count as advance payments towards the subcontractorâs tax and National Insurance. Contractors must register for the scheme.
Depreciation and Amortization. Not all G&A expenses represent cash leaving the company. Depreciation and amortization expenses are a result of the matching principle of accounting. This principle tells us that we should match the costs of producing revenue to the period when the revenue is produced.
Prepaid Expense Amortization Schedule. Summary: Prepaid expenses are costs that are paid in total upfront but cover a specific time period and should be tracked on a prepaid expense amortization schedule. A good example would be insurance premiums which are often paid for an entire year or 6 months in advance.