Construction Accounting
Accounting for Construction
Whether working on-site or digging through your books, you’ll know construction accounting presents challenges unique to the industry. Unlike accounting in a typical business, there are often many moving parts and rarely is there a fixed structure. Each project can require a new location, different types and volumes of materials, a fluctuating workforce, multiple contractors and subcontractors and many indirect costs.
With each new project comes a different set of accounting challenges to not only track and execute your expenses and bills, but to ensure there isn’t disruption in what is often a fast-moving and time sensitive environment.
It’s a vital task to ensure you are keeping on top of your finances accurately and at-pace. Cutts & Co have a proven history of supporting those working within the construction industry, and we are proud of the reputation we have built.
What can Cutts & Co do for your
Whether you are a small or large firm, you are operating within a fast-moving and dynamic industry and it’s important to not let your accounts impede your work.
Our team has extensive experience of working with those in the construction industry, and our expertise and range of services will ensure your accounts are managed to the highest standards.
We harness the advantages of cloud-based technology for a quick and reliable service regardless of your location. You’ll be able to view, send and receive expenses and bills in the office or at your work-site. Our Xero Gold Accreditation means you can be assured of industry leading service.
- 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 can support you on forming and submitting CIS tax rebate claims, as well as offering advice around any issues including those brought by the 2021 CIS off-set changes.
If you have paid Construction Industry Scheme tax and are due a rebate, we understand that it can be a frustrating process to secure your tax return quickly and correctly.
Cutts & Co are trained specifically to handle CIS rebate claims, which is why we boast a high success rate in securing them. We can advise on your claim, and submit it to HMRC within 1 working week of receiving your information from you or your previous advisor.
CIS Gross Status
Gross payment status is a key indicator of a reliable and successful construction contractor, and many larger contractors require their subcontractors to also be qualified for gross payment status.
Our accountants can help you understand the qualification process, and assist in submitting your claim. If you are qualified, we can also assist with submitting your taxes.
CIS Corporation Tax Offsetting
If you are a subcontractor working through your own limited company, you’ll be able to offset CIS deductions against your companies tax obligations. If you want to know more about offsetting your deductions, get in touch with our helpful accountants.
Construction Industry VAT Changes 2021
As of March 2021, new changes will mean some companies must use the reverse charge for VAT charges on construction and building services and materials. It’s important to understand if these changes will affect your business and how to make sure you comply. Of course, the Cutts & Co team are up to speed and ready to help you today.
