Accounting for construction & property
We have specialist skills in advising on property trading and investment businesses and to individuals. We deliver commercial and practical solutions to aid growth. Our skills range from help with selling and developing your portfolio to more complex arrangements.
Building a strong foundation together.
SUPPORT
Accounting set up on cloud platforms, tailored to client needs, organised to make rental record keeping, deposit recording, sub charge income stream segregation and insurance payments, to name but a few, clear and systemised. This is the support system for the management or mid term accounts and used for tax and strategic planning.
ADVICE
For the property trader we ensure that clients understand the balance sheet nature of their businesses WIP and accounting set up. We regularly update capital improvement cost revisions which impact profit and distributable reserves projected, which impact exit plans. We work closely with surveyors for capital allowance calculations and business rate revaluation for developments.
FINANCE & FUNDING
We provide clients with advice on the most effective way of financing a project and which methods are tax efficient and make the most commercial sense. Including the cost benefit analysis of use of SPV’s and Joint Ventures.
We can advise investors on a full range of funding options. We always keep clients up to date with any changes to this area of investment making sure they are aware of any tax or accounting developments.
HMO & LETTINGS
The growing sectors of HMO’s; to the private rental and Housing Benefit market, as well as Holiday Letting businesses are proving to be an area we have developed vast expertise in, from a strategic as well as accounting and tax perspective. Multi site and multi unit businesses, with income streams of varying timings and amounts need a different approach to business system effectiveness as well as accounting policies. Our management accounting specialist staff relish in the challenge of making the complicated simple for such situations.
CONSTRUCTION & VAT
CIS is far reaching and covers many activities that are not immediately obvious.
Our services are designed to help both at an application and advisory level, covering areas including;
Advising you of the CIS rules and advising whether your activities are within scope
Advising on whether certain contracts can be split
Assisting you to establish robust procedures to operate CIS correctly and avoid penalties, whether that be with direct monthly involvement from us or guiding you on suitable systems to implement
Assisting generally with your business’ overall tax compliance to retain/obtain gross payment status
Supporting you in dealing with HMRC enquiries
The operation of VAT in the construction industry is highly complex as VAT on supplies can range from zero rated, reduced rate and standard rate depending on the nature of works undertaken. Sometimes a combination of rates will apply to a single contract.
The use of applications for payment, self-billing and authenticated-receipt procedures add to the complexity.
The consequences of getting VAT wrong can be serious. Tight construction margins rarely allow leeway so in many cases there will be no recourse to recover VAT that has been incorrectly charged.
For these reasons, construction businesses are well advised to work with specialists who are familiar with the industry and are able to help your business not only stay within the rules, but also to maximise the VAT efficiency of your activities.