HBXL supports CIA software to meet new legislation

HBXL advises on new legislation which means businesses will have to file their VAT returns online and pay any VAT due electronically.

The new rules will apply from April, firstly to businesses that are VAT registered and have a turnover of more than GBP100,000, and secondly to all businesses that are newly registering for VAT, with any turnover.

Any builders that fall into these categories will have to make sure they fully understand how to comply with the new legislation.

Anthony Botibol, marketing manager from HBXL said: "This demonstrates how important it is now for builder to be IT-literate".

"HM Revenue and Customs (HMRC) is moving away from paper returns, which means the sector has to act in accordance with what's required".

"For someone to have to switch from the traditional method of tax returns to submitting them online is quite a big step, especially if they don't use a computer on a regular basis"".

"As anyone knows, being able to run a successful building business requires keeping a close eye on the accounts and in particular the cash flow and VAT.

However, as most builders would readily confess, making sure the books balance and keeping on top of the VAT is probably not their strong subject".

According to Anthony there are ways in which builders can better prepare themselves making sure they don't get an untimely visit form HMRC.

He added: "Using accounts software that's been designed specifically for the build sector will go a long way towards ensuring builders make the transition to online submission seamlessly".

One such package is called Construction Industry Accounts (CIA), an accounting software package designed to handle the 2007 CIS Scheme, Invoices and 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.

It also links directly to HBXL's Estimatorxpress estimating software so once an estimate has been produced the revenue and profit generated is automatically updated onto CIA.

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