Construction Industry

Having specialised in builders accounts for over 30 years we have worked with a range of construction businesses from subcontractors just starting out on their own through to large building contractors working for some of UK’S biggest housebuilders.

For a free initial meeting to discuss how we can help you contact us online or call us on T: 023 9248 4356T: 023 9248 4356


Subscribe Now

Accountants for the Construction Industry

Running a construction business can be challenging so it’s no surprise that many see accountancy and administration as nothing more than a necessary annoyance.

The reality is that one of the biggest risks to your business is poor financial control.  Finding a property accountant who can really help your business is a lot like recruiting a skilled tradesman.  An accountant who has the right experience, best tools for the job and professional qualifications will achieve the best results.

Some of the areas where we can help you:

Tax planning

The decision to run your business as a sole trader or through a limited company can have a big impact on your tax liabilities over the long term as well as the short term.  Personal circumstances such as your level of income and retirement plans will be important factors in extracting profits in the most tax efficient way possible; which is why we offer tailored services to clients rather than a generic one size fits all service.

Limit your level of financial risk

Accountants often advise clients to form a limited company in order to benefit from limited liability.  While this is a valid piece of advice which we strongly advocate, it won’t stop you from losing all of the assets held in the company and possibly your sole income should your business become insolvent.

Being proactive in setting up a robust accounting system is one of the best things you can do to gain financial control of your business. We can put systems in place to alert you to any potential risks to cash flow before they become serious problems, provide you with real time management information and streamline your accounts process to save you significant time.

VAT

The type of building work you undertake will determine which option is the most appropriate for your circumstances. An example being if you are undertaking a new build, the project may qualify for zero rated VAT, depending on whether it meets the criteria set by HMRC. VAT can be extremely complex, with a number of tax traps” where professional advice should be sought before commencing a project.

VAT Reverse Charge is a way of accounting for VAT where the end-customer accounts for VAT and the supplier of constructions services does not. The reverse charge means the customer receiving construction services has to pay the VAT to HMRC instead of the supplier. The end-customer recovers the VAT subject to the normal rules set by HMRC.

The CIS VAT domestic reverse charge measure applied from 1 March 2021. It had been due to commence in October 2019 but was twice delayed because of Brexit and Coronavirus. For more information please see our special report on this subject.

Construction Industry Scheme (CIS) for contractors

Under the CIS scheme, contractors must deduct 20% from a subcontractor’s pay and pass it on to HMRC to count towards advance payments for tax and National insurance contributions. If you are looking to outsource this activity we offer a comprehensive payroll service to help ensure your business remains compliant with CIS, as well as RTI and Auto enrolment.

Construction Industry Scheme (CIS) for sub-contractors

As a subcontractor you will be subject to CIS tax deductions taken by your employer and paid directly to HMRC.  These payments don’t take in to account the costs of running your business or any other income you may receive outside of your contract.  As qualified accountants and tax advisers we can help you claim back all of the available allowances and expenses incurred by you in the course of your work.

For the latest changes to affect the CIS Scheme please see our advice guide 

If you are interested in becoming a client of Morris Crocker, contact us on 023 9248 4356. You can also use the request a quote form at the top of this page.

 

Request a Quote

Name:
Company:
Email Address:
Contact Number:
Services interested in:









Nature of your business:
Enquiry: (Please add details to help us understand your requirements)

Yes please keep me updated on small business news and events from Morris Crocker.

Please confirm you are human:
 


REF: MC/RQ/1.7

Construction Businesses Key Contact

Paul Underwood, Director

Paul has many years of experience in advising property investors and developers on the ever-changing aspects of accounting and tax legislation. In that time he has gained an in-depth knowledge of the commercial and residential property market.  By providing guidance on the most appropriate ownership structure Paul helps property businesses to minimise their tax liabilities and achieve their long term aims.

T:023 9248 4356
p.underwood@morriscrocker.co.uk

 

What our clients say...

We have been fortunate to have Morris Crocker supporting our internal payroll administration for over 10 years. All members of staff we have dealt with at Morris Crocker have been efficient, knowledgeable and polite and have provided an excellent payroll service to our business.

Latest news...

19/05/2022

Pension regulator spot checks employers

Employers suspected of failing to meet their workplace pensions duties are being targeted with spot check inspections by the Pensions Regulator (TPR). The majority of employers visited by TPR are

READ MORE

Newsletter Sign Up

Sign up to keep in touch to receive our latest news and industry updates.

Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.



REF: MC/NL/1.2