Construction is a sector with unique accountancy and tax requirements. Our current clients range from large business contractors to sub-contractors, tradesmen, and professional developers, as well as those building up a buy-to-let property portfolio.
We we have developed a wealth of accounting/tax experience and insights into acting for construction clients, who typically require a mix of our services such as:
- Start up assistance, including tax registrations.
- Assisting you to make your book-keeping system Making Tax Digital compliant.
- Preparing your annual statutory accounts, including ensuring best use of retentions accounting (within the parameters acceptable to HMRC).
- Registering you for CIS gross status.
- If net CIS status, obtaining a tax refund after the year end.
- Submitting your annual business tax returns to HMRC, ensuring in accordance with HMRC’s trade specific rules.
- Submitting your personal self-assessment tax return to HMRC.
- Before submitting these tax returns to HMRC, taking out tax investigation insurance to mitigate the potential extra professional fees that would arise if HMRC open a tax enquiry into one of your tax returns. Key risk areas for such an enquiry in this sector:
- Trading v Capital and Business v Personal for expenses deductions,
- Worker status,
- Entitlement to CIS gross status,
- Completeness of of income.
- CIS administration.
- Preparing and advising on regular management accounts, often based on your VAT Return period
- Tax planning.
- VAT issues (including use of Applications, to delay payment to HMRC) and options to tax on property.
- Company pre year end planning,
- Financing decisions, for purchasing tax efficient vehicles.
- Protecting assets and wealth away from the risk associated with the trading business, often by creating a parent company and simple group structure or asset hire SPV .
- Optimising your business credit rating.
- Claiming R&D tax relief on any particularly innovative design and build projects you work on.
- Creating a group structure to help you create your own portfolio of investment properties, as your quasi-pension pot.
- Bench-marking your turnover growth.
- Valuing your business,
- Business exit planning, perhaps enabling you to retire early.
- Turnaround advice.
Our Construction Accountants Group meet regularly, with representatives from across the firm discussing current affairs impacting the sector as well as ensuring the team are up to date with recent legislative changes.
Our Tax Group “A Brief Guide to…” publications:
- Annual Investment Allowance | Making Tax Digital | Off-payroll Working | Pension Death Benefits | Personal Tax Account | Research & Developments Tax Relief | Stamp Duty Land Tax | Tax Year End Planning
Get in touch with your local office and speak to one of our specialist construction accountants to see how we can add value to your business.
We offer a free initial consultation to potential new clients.
When advised that we had found a further opportunity to reclaim CIS tax through his P35 return, the director of a builder client commented "It's great to know I made the right choice in choosing your company to take care of my accounts."