Construction Accounting
Accounting for Construction
Whether working on-site or managing your books, construction accounting presents challenges unique to the industry. Unlike typical business accounting, construction accounting involves many moving parts and rarely follows a fixed structure. Each project may require a new location, varying types and volumes of materials, a fluctuating workforce, multiple contractors and subcontractors, and numerous indirect costs.
Every new project brings its own set of accounting challenges, from tracking expenses and managing bills to ensuring there’s no disruption in what is often a fast-paced, time-sensitive environment.
Staying on top of your finances accurately and efficiently is crucial. At Cutts & Co, we have a proven history of supporting businesses within the construction industry, and we take pride in the reputation we have built for delivering expert accounting solutions tailored to this demanding sector.
What can Cutts & Co do for your
Whether you’re a small or large firm, operating within the fast-moving and dynamic construction industry requires that your accounts run smoothly, without impeding your work.
At Cutts & Co, our team has extensive experience working with businesses in the construction sector. Our expertise, combined with our comprehensive range of services, ensures that your accounts are managed to the highest standards.
We leverage the power of cloud-based technology to provide quick and reliable service, no matter your location. With our solutions, you can easily view, send, and receive expenses and bills whether you’re in the office or on-site. As a Xero Gold Accredited partner, we guarantee industry-leading service that you can trust.
- Project job costing
- Tracking project profitability
- Recording day-to-day transactions
- Templating and generating invoices
- Managing payroll
- Contractor and subcontractor fees
- Tracking business expenses
- Reconciling income and expense statements
- Ensuring your tax payments are correct and paid
- Creating a tax efficient structure
- Submitting CIS tax rebate claims
Construction Industry Scheme
Our expert team is equipped with a comprehensive knowledge of tax issues faced by contractors under the Construction Industry Scheme.
CIS Rebates
We provide comprehensive support for forming and submitting Construction Industry Scheme (CIS) tax rebate claims, along with expert advice on navigating the complexities of CIS regulations and offsets.
If you’ve paid CIS tax and are due a rebate, securing your tax return can be a frustrating and time-consuming process. At Cutts & Co, our team is specifically trained to handle CIS rebate claims, and we boast a high success rate in securing these rebates for our clients.
We offer tailored advice on your claim and will submit it to HMRC within one working week of receiving the necessary information from you or your previous advisor, ensuring a prompt and accurate process.
CIS Gross Status
Gross payment status is a key indicator of a reliable and successful construction contractor. Many larger contractors often require their subcontractors to be qualified for gross payment status as well.
At Cutts & Co, our expert accountants can guide you through the qualification process and assist in submitting your claim for gross payment status. If you qualify, we can also provide ongoing support with submitting your taxes, ensuring that you remain compliant and maintain this crucial status.
CIS Corporation Tax Offsetting
If you are a subcontractor operating through your own limited company, you have the opportunity to offset CIS deductions against your company’s tax obligations. This can be a valuable way to manage your finances and reduce your overall tax liability.
To learn more about how to effectively offset your CIS deductions, get in touch with our knowledgeable accountants at Cutts & Co. We’re here to provide the guidance you need to make the most of your tax situation.
Construction Industry VAT Changes 2021
Recent changes to VAT regulations require certain companies in the construction and building sectors to apply the reverse charge mechanism for VAT on services and materials. It’s crucial to determine whether these changes affect your business and to ensure compliance with the new rules.
At Cutts & Co, our team is fully up to speed with these VAT changes and ready to assist you in navigating the complexities of the reverse charge. Contact us today to ensure your business remains compliant and avoids any potential pitfalls.
