Property & Construction Accountancy Services
As specialist construction accountants, we're only too aware of the value of the UK building industry. It provides millions of jobs, powers our economy and literally shapes the towns and landscape in which we live and work.
Construction is also highly competitive and subject to shocks and jolts in both the national and global economy, so managing cashflow, careful financial planning and the constant pursuit of business efficiency are all vital.
From professional bookkeeping to construction audit, we can provide you with the tools and accountancy services you need to make confident decisions to support the ongoing growth of your building business.
Good financial recording, reporting and management also inspire confidence in investors, partners and during the process of bidding for construction projects during tendering.
Accounting for construction
We support all kinds of construction businesses from major property developers to plumbers and electricians operating as sole traders.
Having been accounting for construction contracts for decades, we have the skills and experience to navigate the particular complications of financial recording, financial reporting and tax implications for firms that operate from project to project including long-term contracts.
Ever-changing fiscal legislation such as the Construction Industry Scheme returns (CIS) and the domestic reverse VAT charge, due to take effect from October 2020, needn't be a mystery or a worry.
As your accountants, we'll provide ongoing construction tax accounting advice, from project budget planning to corporation tax returns, as well as handle as much of the practical side of things as you need.
For example, we can take payroll, bookkeeping and management accounts production off your hands altogether.
Bookkeeping for construction companies can be especially challenging, with a constant flow of invoices in and out from suppliers, contractors and subcontractors, not to mention expenses and evidence to support VAT returns. Our systems, built around cloud accountancy packages such as Sage, Xero and QuickBooks, are designed to make this as clean, quick and easy as it can possibly be.
Accounting for property development
From understanding property development VAT implications to providing collateral to achieve buy-in from potential project investors or backers, we're ready to help.
Different types of development, from conversions to new-builds, require different VAT treatments. The reduced rate of VAT is available for eligible developments and renovations. Qualifying for the reduced rate of VAT of 5% depends on various conditions. It is easily overlooked and eligibility can lead to substantial savings.
Finally, it's worth thinking about the end use of the properties you're working on – will they be domestic homes for rent or could they qualify as furnished holiday lets? There are tax implications in either case.
Getting advice from us before you commence on a new project could fundamentally change your approach to a given project, and your overall strategy.
Builders and tradespeople
If you're working on the front line, as a hands-on home builder or fitter, contracting or subcontracting, we can provide everything from straightforward support with your tax return to cloud accounting setup.
We strongly recommend online accountancy software to anyone who needs to record day-to-day expenses, send and track invoices and closely monitor cashflow.
For jobbing plumbers, electricians, bricklayers, or anyone else who makes a living on construction sites through their craft, it's the perfect solution. Our team can help you get set up and provide training.
Get in touch today to find out how Andrews & Palmer can answer the accountancy needs of your construction business, large or small.