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Accountants for Construction Industry

We are Experienced Accountants for Construction Industry who bring a wealth of knowledge and expertise to help businesses thrive in this sector. With our specialised skills and understanding of the unique financial challenges faced by construction companies, we are well-equipped to provide tailored accounting solutions that meet your specific needs.

Construction Accountants

Experienced Accountants for Construction Industry

Our team of Construction Accountants are well-versed in industry-specific regulations and requirements, ensuring that your financial operations are handled with precision and accuracy. From project cost tracking to compliance with tax regulations, we are committed to helping you navigate the complex financial landscape of the construction industry.

One of the key advantages of working with Experienced Accountants for Construction Industry is our ability to offer valuable insights and strategic financial advice. We can help you optimise your financial processes, identify cost-saving opportunities, and streamline your accounting systems to enhance overall efficiency and profitability.

Our Construction Accountants have a proven track record of supporting businesses in the sector, from small contractors to large-scale construction firms. Whether you need assistance with cash flow management, budgeting, or financial reporting, we have the expertise to guide you towards sustainable financial success.

In conclusion, our Experienced Construction Accountants are dedicated to helping businesses in the sector navigate financial challenges and achieve their goals. By partnering with us, you can have confidence that your accounting needs are in expert hands, allowing you to focus on growing your construction business with peace of mind.

Construction Accountants

Construction Accounting

The regulations for contractors and subcontractors working within the UK construction industry has always been a bit quirky, but now there is added complexity on the horizon with the introduction of new Supervision Direction, or Control (SDC) legislation from April 2017.

This will mean that construction workers supplied by a recruitment agency or other “intermediary” will no longer be able to receive payment through the Construction Industry Scheme (CIS) unless they are able to demonstrate that they fall outside the supervision, direction, or control of the client and anyone else associated with the project or firm. From 6 April 2016, the same test applies to assess a subcontractor’s right to claim tax and National Insurance relief on their business expenses. Read the HMRC PDF here.

Given the complexity of CIS and the changes that will affect how subcontractors operate within the construction industry, it should be borne in mind that the onus is now on the employer of subcontractors to apply the legislation. If an employer wilfully fails to apply the legislation then a fine will result.

CIS is complex and when errors are made, even once, punitive penalties and removal of status results. Ideally, therefore you will seek the expertise of a specialist CIS accountant and tax planning. An experienced team of accountants and tax advisors such as that found at Target Accounting, will provide expert knowledge of CIS accounting, and definitely ensure you remain compliant. We can:

  •  Advise you on your status
  • Advise on subcontractor or employee status (or both)
  • Verify subcontractors with HMRC on your behalf
  • Keep your records in good order
  • Manage payroll
  • Manage acquisitions and other non-compliance roles
  • Help you set up a workplace pension scheme if you employ people
CIS contractors

CIS Accounting

The new SDC rules put stricter controls on CIS subcontractors’ employment status. Each month the contractor must verify the status of subcontractors working for him or her; if the subcontractor is deemed an employee, then the individual must be put through the firm’s PAYE system. Negligence in application of this rule can mean a fine of up to £3,000 for each individual as well as a twelve-month suspension of your “gross payments status”. The same goes for expenses.

 As you know, being able to receive personal remuneration without tax and NI deducted at source is essential for cash flow in the construction industry, so failure to comply with the new requirements for subcontractors could seriously put that at risk, and could result in your business suffering. A number of stricter compliance requirements now apply, which make errors, even one error, likely to affect your “Gross payments status” with immediate affect. This is so if you are:

  •  More than 14 days late paying what you owe on PAYE/CIS deductions
  • Fail to submit your self assessment tax return by 31 January
  • More than 28 days late paying any tax you owe under self assessment
  • More than 28 days late submitting subcontractor returns

Unlike any other accountant in the UK, Target Accounting provides another unique service to CIS contractors. Our cloud-based, fully integrated bookkeeping and accounting software, Nomi, which all our clients receive free as part of our services, has integrated modules designed specifically for CIS contractors and subcontractors, and is able to generate contractor statements.

CIS modules are integrated with payroll and self-assessment and accounts-production modules. All modules generate powerful reporting, such as VAT comparison, management, balance sheet, trial balance, profit and loss, departmental, detailed audit trail, detailed ledger and transactional reports.

Thus, while new compliancy and accounting rules are going to impact on many construction companies, contractors, and subcontractors, Target Accounting finds ways to make compliance easier and profits more attainable.

Of course, we can also help you with new legislation that affects tax liability for property on balance sheets, and all the other legislation that has been applied to “simplify” and make more “transparent” businesses transactions and tax status within the construction industry.

Choosing us as your construction industry accountants is a decision based on expertise, reliability, and personalised service. With years of experience specifically in the construction sector, we understand the unique challenges and opportunities that come with managing finances in this industry.

Our team of specialised accountants possess in-depth knowledge of construction accounting principles and regulations, ensuring your financial affairs are in capable hands.

At our firm, we go beyond just crunching numbers. We provide strategic financial advice tailored to the singular needs of construction businesses. Whether you are a small subcontractor or a large construction firm, we offer proactive solutions to optimise your financial performance and help you achieve your business goals.

By choosing us, you gain a trusted partner who is dedicated to maximising your profitability and enhancing your financial health. Transparency and integrity are fundamental pillars of our work ethic. When you choose us as your construction industry accountants, you can trust that your financial information is handled confidentially and ethically.

Our commitment to maintaining the highest standards of professional conduct means you can rely on accurate, timely financial reports and advice that will guide you towards informed decision-making for your construction business. Navigating the complex landscape of tax compliance and financial regulations in the construction industry can be daunting.

By entrusting us with your accounting needs, you benefit from our thorough understanding of industry-specific tax incentives, deductions, and compliance requirements. We work diligently to ensure that you are taking advantage of all available tax-saving opportunities while staying compliant with regulatory obligations, giving you peace of mind and safeguarding your financial stability.

In a competitive industry like construction, having a strategic financial partner on your side can make a significant difference in your business success. Choose us as your construction industry accountants, and you will gain a dedicated team of professionals who are committed to supporting your financial objectives and empowering your construction business to thrive. Let us handle the numbers so that you can focus on what you do best – building a prosperous future for your construction company.

Advantages of Hiring Specialist Construction Industry Accountants

Hiring specialist construction industry accountants provides a deep understanding of the unique financial challenges and regulations within the property and construction sector alone. This specialised knowledge allows them to provide tailored financial advice and strategies to address specific industry needs.

These professionals have experience working with construction companies of various sizes, from small contractors to large development firms. Their expertise in the industry enables them to offer valuable insights into business structure and solutions that are specifically tailored to the construction sector.

Specialist construction industry accountants are well-versed in managing complex financial transactions, such as project costing, financial management, cash flow management, and financial reporting requirements. Their expertise in these areas helps construction businesses maintain strong financial health and make informed decisions.

By hiring accountants with a focus on the property and construction industry, companies can ensure compliance with industry-specific regulations and tax laws. This reduces the risk of financial penalties and ensures that the business operates within legal boundaries.

Overall, working with specialist construction industry accountants can lead to improved financial efficiency, better decision-making, estimated costs and streamlined financial processes within construction companies. Their specialised knowledge and experience contribute to the overall success and growth of construction businesses.

FAQs - Construction Accounting Services

Hiring specialist construction accountants is crucial as they possess a deep understanding of the unique financial challenges and regulations within the construction industry. Their expertise can help ensure accurate financial management and compliance with industry-specific requirements.

Specialist construction accountants are equipped with in-depth knowledge of construction accounting principles, project costing, contract management, and industry-specific software. Their specialised skills enable them to provide tailored financial solutions to meet the needs of construction businesses.

By leveraging their industry knowledge and experience, specialist construction accountants can help identify cost-saving opportunities, optimise cash flow management, and enhance profitability. Their strategic financial insights can contribute to the overall financial health of a construction company.

Construction businesses can benefit from hiring specialist accountants by gaining access to expert financial advice, ensuring compliance with industry regulations, minimising financial risks, and improving decision-making processes. These professionals can add value by offering customised solutions to address the specific financial challenges faced by construction companies.

To find the right specialist construction accountants, construction companies should look for professionals with relevant industry experience, a track record of success in the construction sector, and a strong understanding of construction accounting practices. Conducting thorough research, seeking referrals, and interviewing potential candidates can help in selecting the best fit for your business.

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British Accountancy 2019

British Accountancy 2019

British Accountancy 2018

British Accountancy 2018

British Indian Awards 2017

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British Accountancy 2015

British Accountancy 2015

British Accountancy 2014

British Accountancy 2014

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