Are you up to speed on the April 2010 VAT changes?
It was hard enough in 2009 for most builders to simply stay afloat without worrying about admin. However you do need to get up to speed on the VAT change that is happening in 2010. New VAT rules are being introduced by HM Revenue & Custom (HMRC) that come into effect from 1 April 2010.
The new legislation means that from the new financial year, some businesses will have to file their VAT returns online and pay any VAT due electronically. The new rules will apply firstly to businesses that are VAT registered and have a turnover of more than £100,000 and secondly to all businesses that are newly registering for VAT, whatever their turnover.
It means any builders that fall into these categories will have to make sure they fully understand how to comply with the new legislation. Fortunately for Builderbusiness Club members they can get hold of what has been labelled as the best accounting software package on the market for builders with added benefits exclusive to the club.
Called Construction Industry Accounts (CIA) it’s an accounting software package designed to handle the new 2007 CIS Scheme, Invoices & Job Costing, Retentions, Applications (Stage Payments) and Certifications. It also helps builders file their VAT returns quickly and makes electronic payments by using the VAT Online service.
Developed specifically for the building industry this fully integrated software package means that only one entry is needed to update all relevant areas. For example, when entering a taxable subcontractor’s invoice, the Accounts, CIS Ledger, VAT and Job Costing are all updated simultaneously.
So when it comes to submitting VAT returns or paying VAT, because everything is available at the click of a button it will make the process infinitely easier.
Construction Industry Accounts is an absolute godsend for those who are looking to keep a close grip on their accounts, want to know how much they are going to make on a job and want to keep up-to-date on their VAT.
Anyone wanting to make their lives easier in April need to start planning now how they are going to ensure they don’t give HMRC a reason to come knocking.
Normal price: £1950 ex VAT
Member price: £1950 ex VAT includes FREE copy for your accountant + 4 hours online training (worth £220 ex VAT)