We are accountants who specialise in the construction industry accounting and the Construction Industry Scheme regulations and understand the importance of compliance. If you are a Contractor or a Contractor who is also a Sub-Contractor we provide full specialist Accounting, CIS and Tax support.
Construction Industry Accounting
Fixed Fee Pricing
CONSTRUCTION INDUSTRY ACCOUNTING
ACCOUNTING & AUDIT COMPLIANCE
Construction Industry Accounting
£120 Per Month
We use award winning cloud-based software providing time saving automation including bank feeds and a mobile app. It is important to plan-ahead and understand your business profitability and a dedicated accountant will support you in doing so. Personal and business taxes are also managed by the team and you will have your own portal with to provide full transparency of your business.
- Monthly Summary of CIS Sub-Contractor Deductions.
- Monthly Submission of CIS Sub-Contractor Returns to HMRC
- Monthly HMRC Payment Receipts for Each Sub-Contractor.
- (Where the Contractor is also a Sub-Contractor) Monthly Summary of Net CIS Deductions Payable to HMRC.
- Dedicated Client Manager
- Dedicated Accountant
- Registered Office Address
- Annual Accounts
- Monthly / Quarterly VAT returns
- Annual Self-Assessment for 2 Directors
- Full Accountant Support
Accounting + Audit Compliance
From £120 Per Month
HMRC are undertaking more non-compliance audits as they seek to recover employer’s national insurance from the contractor where sub-contractors are deemed not to be self-employed. The subcontractor must have self-employed status, if challenged by HMRC the contractor has the National Insurance liability exposure and not the contractor. It is important for the contractor that subcontractors have public liability and tax enquiry insurance to ensure their self-employed status.
Status Compliance services provided based on requirements. We can audit your business and assist in providing the following services each of which supports subcontractor self-employed status.
There are large numbers of contractors who are unaware of the risks. Contractors are possibly also unaware of the scale of the exposure.
The Importance of Compliance
A Contractor engages 10 subcontractors on £30kpa. Employees NI 12% Employers NI 13.8% total 25.8%
If non-compliant the contractor has to pay class 1 NIC for each subcontractor
= £24k ( amount over LEL) x 25.8% = £6.2k per man x 10 men = £62k x 6 years ( maximum HMRC can go back )
= £372k plus interest and penalties circa £500k estimated HMRC liability
Contractor CIS Compliance Services
- Initial Assessment of Sub-Contractor Supervision, Direction, and Control.
- Signed Contract for Sub-Contractor Services
- Signed Statement of Working Practices this document is signed by both Contractor and subcontractor and re-enforces the contract between parties and prevents HMRC direct access to each subcontractor
- Provision of a Self-Billing Invoice Template to be used when they Submit Invoices.
- (Where required) Arrange Public Liability Insurance (PLI)
- (Where required) Arrange Tax Enquiry Insurance (TEI)
Arrange A Callback
For more information on our accounting for the construction industry, please complete the form below and a member of our dedicated team will happily answer any questions you may have. Or alternatively, call us now on 0116 243 7868