Careful planning will reduce cost of CIS compliance
Press Release - Wednesday, December 13, 2006
Businesses could face fines of up to £3000 if they fail to submit accurate returns to HMRC or provide monthly Sub-contractor Payment & Deduction Statements under the new Construction Industry Scheme (CIS), which comes into force in April 2007.
Mid-market business and accounting software developer, Access Accounting, has been urging companies to take action now to avoid the penalties. In order to help businesses fully understand and plan for the changes, Access is continuing to offer a free copy of the recently published CIS white paper from the Business Application Software Developers Association (BASDA).
Kevin Misselbrook, customer services director for Access Accounting, commented, "Part of our on-going campaign is to help our existing and potential customers understand the implications of the scheme. As the legislation currently stands, a six month honeymoon period will be in operation but companies will receive automatic penalties for non-compliance from October 2007.
"However, now is the time to plan for the changes, which will include implementing new software, assigning resources and conducting staff training. Contractors should also start checking their records against the sub-contractor list being provided by HMRC this month. They will need to submit vouchers promptly for any new sub-contractors whom they engage after October in order that they can be recognised and pre-verified by HMRC in March," he continued.
For more information on Access Accounting, or to receive a copy of the BASDA CIS white paper, please telephone 0845 3453300. Help with specific queries on the new legislation can be obtained by contacting the CIS helpline on 0845 366 7899.
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Notes to Editors:
Access Accounting is the UK’s leading business software house serving the mid-market. Its solutions have been chosen by over 10,000 UK companies - helping them to achieve business success.
A subsidiary of Access Technology Group Ltd, Access Accounting was the first UK vendor to recognise the potential of Windows and create a mid-range accounting platform based on this technology. Today it offers four scalable, web-enabled systems including its flagship solution, Access Dimensions. The company also offers Access Payroll, a combined payroll/personnel suite, which is fully compliant with the latest CIS regulations.
Access Accounting is a Microsoft Gold Certified Partner and a member of the Business Application Software Developers Association (BASDA). It has also received accreditation from major authorities including the Institute of Chartered Accountants in England and Wales (ICAEW) and the HM Revenue & Customs’ rigorous Payroll Standards Scheme. In 2007, the company won ’Financial Software Provider of the Year’ in the Real FD/CBI FDs’ Excellence Awards and ’Mid-range accounting Software Provider of the Year’ in the Sift Media Business Software Satisfaction Awards – both voted for by customers.
Media information:
Helen Carpenter
Head of Group PR
Access Accounting Ltd
T: 01206 322575 / 07833 936311
F: 01206 322956
E: helen.carpenter@access-accounts.com
W: www.access-accounts.com
