The UK's building industry is being urged by ACCA (the Association of Chartered Certified Accountants) to start preparing for the fundamental changes to the Construction Industry Scheme (CIS) and not to let the one year's grace allowed by the government to put it off. Last October, the HMRC, the UK government's tax authority, announced a one-year delay, after successful lobbying by ACCA and other organisations. ACCA warned at the time that only 20 per cent of companies were ready for the significant shift in how they manage their tax affairs. Now, after new updated guidance from HMRC, ACCA is also calling on the taxman to ensure the contractors are supported during this transitional phase.
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