Building & construction

Construction accountants

Building and construction is a notoriously unpredictable industry and so having the right professional chartered accountants to guide construction firms is key.

The accounting needs of the construction sector are unique and require specialised expertise. Our construction accounting team have many years’ experience helping businesses in the building and construction industry with all their accounting services, auditing, tax affairs, and taxation requirements and providing strategic business advice. Our clients range from sole traders to construction firms, building and property developers and investors.

A construction accountant and a dedicated construction accountancy team play a crucial role in managing the financial complexities of the industry. As a business owner, you can rely on us for a full range of services tailored to your needs. We understand the financial requirements of the construction business and provide expert advice to help you navigate these challenges. Our deep sector knowledge and in-depth knowledge ensure that we can offer the best support for your business.

Construction Industry Scheme (CIS)

If you are a contractor you may need to register for the Construction Industry Scheme (CIS). Contractors will deduct money from a subcontractor’s payments, which will count towards their tax and National Insurance contributions, and send it to HM Revenue and Customs (HMRC). It is not compulsory for subcontractors to register for the CIS, but tax and National Insurance deductions are taken at a higher rate if they do not. Whether you are self-employed or running limited companies, understanding when you need to pay tax is crucial for compliance.

There are significant penalties for failure to operate CIS correctly so it is important to get it right. Our construction accountants can provide training or operate the scheme on your behalf. The scope of ‘construction work’ under CIS includes various activities such as decoration, repairs, and different types of building and installation tasks. Proper tax advice is essential in the construction industry to manage taxes, revenue, and invoices effectively.

Accurate information is vital to avoid penalties related to CIS deductions, especially if you are operating as a limited company.

Forecasting cashflow and raising finance

If you are applying for a loan or overdraft, our construction accountants can offer advice and provide cashflow forecasts to present to banks. We can also help set up alternative methods of financing such as peer to peer lending.

Additionally, we provide tailored tax advice and assist with year end accounts to ensure your financial records are accurate and compliant.

Our experts can guide you in making the right business decisions by accurately assessing matching costs associated with your projects. This includes providing detailed insights into tax returns and managing payroll efficiently.

We understand the unique challenges faced by small businesses and the property business, offering specialised support to enhance your financial performance. Our services also cover the accurate recording of overhead costs and raw materials, crucial for proper financial reporting.

Effective business decisions and strategic tax planning are essential for navigating the complexities of the construction industry. We also help you stay compliant with the latest tax digital regulations, ensuring your accounting practices are up to date.

VAT planning for construction companies

We can provide VAT planning and tax advice for all aspects of your business, including whether you should opt the property to tax or consider the property being zero-rated for VAT purposes, and help with registration.

Additionally, we assist with tax returns and managing taxes to ensure compliance and efficiency in your financial management.

Online accounting and bookkeeping for construction companies

We provide easy to use, cloud based accounting software for building and construction businesses and tailor packages for your individual requirements. Our accounting services include payroll management, giving you real time access to your finances, and enabling you to manage your cashflow, raise purchase orders and invoices, and pay bills.

We understand the unique challenges faced by small businesses and limited companies in the construction industry.

We also offer an outsourced bookkeeping service where we can perform the bookkeeping requirements for your construction company. By understanding your business model and the specific needs of the construction sector, we ensure your records are kept up to date, taking the administrative burden off of you and giving you more time to run your business.

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