The countdown begins: introduction of new CIS rules to affect thousands of businesses
Press Release - Tuesday, March 06, 2007
Reform includes £3,000 automatic penalties for non-compliance
More than 250,000 contractors will be affected by the forthcoming changes to the Construction Industry Scheme (CIS), which will come into place in just a month’s time. Contractors across the UK will need to ensure that information they hold on their sub-contractors is correct or face fines of up to £3,000 if they fail to submit accurate and timely returns to HM Revenue & Customs (HMRC) or provide monthly Sub-contractor Payment & Deduction Statements. The changes are all part of the Government’s move towards electronic transactions and to address the issue of counterfeit cards and certificates, bringing three government databases together to provide single records for each CIS contractor and sub-contractor.
Kevin Misselbrook, customer services director for Access Accounting and recently elected deputy chairman for BASDA* commented, “Every business that employs sub-contractors will need to have all their information up-to-date in order to comply with the new regulations. And this not only applies to the construction industry but also to other business sectors that employ sub-contractors – such as retail and local councils – where their average annual spend on construction is £1m or more. Today marks the countdown to the changes coming into force, with automatic penalties of up to £3,000 each month from October 2007, based on the number of sub-contractors employed.”
Since last year, Access Accounting, the award-winning business and accounting software developer, has been urging companies to take prompt action to be prepared for the new legislation and to avoid the penalties. However, many organisations don’t appear to be ready for the new CIS. 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 BASDA.
For more information on Access Accounting, or to receive a copy of the BASDA CIS white paper, please telephone 0845 3453300 or visit www.access-accounts.com/cis. Additional help with specific queries on the new legislation also can be obtained by contacting the HMRC’s CIS helpline on 0845 366 7899.
* BASDA – Business Application Software Developers Association
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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 13,000 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
