'Ensure accounting systems are ready for CIS'

News Article - 02 March 2007
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Organisations which employ sub-contractors should make sure their accounting systems can handle the new Construction Industry Scheme (CIS), it has been claimed.

According to publication IT Week, the new scheme will apply to businesses which utilise the skills of sub-contractors with contracts for more than £1 million.

Some 250,000 registered contractors and more than two million sub-contractors on HM Revenue and Customs (HMRC) records are likely to be affected by the CIS when it comes into effect in April, the publication states.

The scheme's regulations will relate more to an accounts payable facility rather than payroll, changing the current situation, the publication adds.

Next week's Softworld Exhibition will feature speeches from senior staff at HMRC, possibly providing further insight into the CIS and advice on its implementation.

The event will take place on March 6th and 7th in Hammersmith and is set to feature presentations from Denis Keeling, chief executive of the Business Application Software Developers Association.

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