We understand the construction industry is very unique and therefore has very specific accounting and financial requirements, and the UK government plans to introduce a raft of changes which includes the forthcoming VAT domestic reverse charge (postponed until 2021), and new processes for submitting tax returns (via Making Tax Digital), on top of requirements for processing payments in the Construction Industry Scheme (CIS).
The construction sector is having to think on its feet following the recent economic downturn which is having a real impact on the ability to plan and carry out building projects, so managing cash flow, careful financial planning and remaining efficient is absolutely vital.
A solid foundation
Our specialist accounting team for the construction industry can offer advice on structuring your business, cash flow, tax planning and business structure to improve the smooth running and profitability of your construction or property business ensuring all builders, developers, contractors and sub-contractors all meet the new and existing regulations so that you stay compliant and continue to grow your business.
WIP is the value of work at a given point in time that an entity has completed, but not yet invoiced.
For example, if the entity has only one project on, worth £20,000 in total, and is halfway through it, simplistically the WIP would be £10,000. However, accounting for WIP is not always this straight forward and there are often some quite complex calculations to be undertaken to arrive at an accurate WIP figure, and indeed match the costs accordingly. This is why using an experienced construction industry accountant is so important.
Our construction industry specialist accountants can deal with these areas and will be able to help navigate these issues and provide advice on many other matters; from the best way to purchase or hire equipment, to what costs are allowable and how to minimise tax liabilities.
We provide comprehensive range of accounting and tax services with
100% SATISFACTION GAURANTEED
Our accounting packages offer you complete accountancy support as well as a choice of government approved accounting software making your life as a residential or commercial builder much more straightforward and stress-free!
Our online accounting software Xero, Freeagent and QuickBooks will make it so much easier for you to keep on top of your accounting records, VAT and bookkeeping to improve the running and profitability of your construction or property business.
Use the mobile app or on your desktop to project your cashflow and cash requirements to avoid cash shortages, manage your payroll (including payment to sub-contractors meeting CIS requirements) and project management tools to keep costs down.
Free training and set up is provided by us if you are using accounting software for the very first time.