Construction Industry

Construction Industry

Contractor or Subcontractor?

Accounting for construction industry

You know how the Construction Industry has its own unique challenges that can sometimes make you tear your hair out or even want to throw in the towel. With increasingly complex legal obligations, you are forever looking over your shoulder to check you are compliant, or having occasional sleepless nights when projects are not running as smoothly as you would like. You are in a tough and cut-throat business, where change happens fast and it can be difficult to stay on top of your paperwork.

With over 25 years’ experience in accountancy, we know more than most why it makes sense to have someone who understands the legal minefields you navigate daily and knows the financial cul de sacs of your sector.  You want an accountant who not only understands your sector inside and out, but can shoulder the burden of the bureaucracy and paperwork involved, so you can get on with building your business.

If you need help with any of the following, Meer & Co can help:

  • Construction Industry Scheme (CIS) compliance (‘CIS returns)
  • VAT compliance and VAT returns
  • Pro-active Tax planning
  • Raising capital investment
  • Stamp duty
  • Tax returns
  • Cost reduction
  • Business planning
  • Financial risk management
  • Business structures
  • Profit enhancement
  • Succession planning
  • Retirement plans
  • Payroll services
  • Job costing reports
  • Much more to make you future proofed. Just contact us

 

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    accounting for construction industry

    accounting for construction industry

    At Meer & Co, we have many years’ accountancy, financial management, business consultancy and legal experience.  We have advised clients from across the construction industry, including:

    • property developers
    • contractors
    • sub-contractors
    • self-employed trades people.

    Helping Construction Industry Clients With Current Financial and Legal Issues

    Our specialist accountancy and legal expertise within this niche means we can help your teams to understand and overcome the particular issues and challenges that you face.  For instance we can help with:

    • Shortage of new finance
    • Difficulties of refinancing
    • Restructuring
    • Meeting the demands of loan covenant compliance
    • Issues surrounding VAT
    • Stamp duty land tax (SDLT)
    • Bookkeeping specifically for construction related companies

    We work with a wide range of construction industry clients across the property development and maintenance and related sectors, including:

    • investors
    • developers
    • construction firms
    • estate agents
    • surveyors
    • architects

    Why Outsource Your Bookkeeping or Employ Accountants?

    We know how complicated your bookkeeping can become, particularly when working with sub-contractors, phased developments and cash-flow complexity.  The Construction Industry Scheme (CIS) imposes strict obligations upon your business and failure to report on time or submitting erroneous information can have serious consequences from HMRC.

    We regularly experience first communications with construction companies when they are already ‘in trouble’.  We can help you avoid the legal pitfalls of construction finance regulations.

    Taking The Steam Out of the Construction Industry Scheme

    You probably already know that under the CIS, you must keep detailed records of:

    • The gross amount of each payment invoiced by subcontractors, excluding VAT
    • Any deductions your company has made from subcontractor payments
    • costs of materials the subcontractor invoiced you for, excluding VAT
    • Records must be maintained for at least 3 years after the end of the tax year they relate to.

    HM Revenue and Customs (HMRC) could ask to see your CIS records at any time, no matter how busy you are with other core business and contract deadlines.  Employing comprehensive accountancy services with specialist industry knowledge and expertise can relieve you of the stress and hassle and any business risks.

    accounting for construction industry

     

    Risk Management and Risk Sharing

    Meer & Co actively relieve you of business risks associated with your HMRC reporting obligations.  Avoid fines and investigations with timely submissions under the CIS scheme.

    You can future proof your business by having a regular objective assessment of the progress of your business and on-going support from an accountant in your corner. We can take care of the paperwork for you and have the insight into your business to help you make better strategic decisions, to help you stay ahead of the competition.

    We can help you stay on top of credit issues by keeping track of how much clients owe you.  By the same token we will help you manage your cash-flow my staying on top of how much money you owe to suppliers or for other expenses. Minimise your risk by ensuring an expert eye is protecting your interests and watching your income and expenditure to keep you solvent, in profit and in the strongest possible financial and business position for future growth.

    Small business owners who maintain accurate financial records are better equipped to make well-informed strategic decisions, backed up by solid figures, avoiding the pitfalls of less successful competitors, e.g. poor business structuring, which reduces capacity and profitability.

     

    A Trusted Accountancy Service for Construction Companies

    We want to build longevity into your business, because when you are successful, so are we.  Meer & Co establish strong working relationships with our clients and consistently stay in touch with you, rather than you having to chase us with questions or for support.  We make your business ours…Effective bookkeeping requires business owners to enter transactions on a daily basis.  We understand that this requires discipline to ensure that no items are missed or forgotten, so we will work closely with you to ensure your record keeping is water-tight. Simple mistakes potentially cost businesses in your sector thousands every year and can make the difference between going under and thriving.  Let’s help you avoid those pot-holes in the road.

    Let us do your paper chasing to ensure bills are paid on time, records are complete and up to date, applications are submitted on time and project estimates are realistic, so you can get on with building solid foundations for the future.

    All of our accountancy services for the construction sector are tailored to your specific business needs, objectives and level of development.  You can have peace of mind of receiving a bespoke accountancy service with specialists in your field.

    Construction Industry

    Still need more reassurance we have the expertise your company needs?  Check out our testimonials of satisfied clients!

     

    • “We deal with high-value items and a lot of moving parts and having management information on tap is extremely important to our bottom line and these guys make it possible.”

      Jeff Owner of high end watches and jewellers

    • “It’s important in our industry to understand outflows and have information at your very fingertips. I can’t recommend highly enough.”

      Abs Owner of chain of eateries in London

    • “Great bunch of guys, very prompt and courteous and a can-do attitude.”

      Ricky Owner of Fintech Canary Wharf