Construction Industry

Protecting your interests is one of ours

We understand the challenges you face operating within the construction industry – from cash management and debt collection through to the ever-increasing threat of investigation by HMRC. In the event of an enquiry, HMRC could impose financial settlements going back several years to collect tax along with interest and penalties, and these unforeseen costs can hit you like a ton of bricks, and affect your business’s ability to trade.

With sector-specific and complex legislation that is constantly changing, it is time-consuming and complicated trying to stay on top of things. However, with an expert accountancy firm by your side, you don’t have to do any of the heavy lifting. Regardless of whether you’re a main contractor, subcontractor, developer, architect, engineer or any other supplier to the industry, we can ensure that you’re running efficiently and compliant, both now and in the future.

With Williamson & Croft, you’ll always be protected. Get in touch with us today by calling us on 0161 399 0121 or emailing us at info@williamsoncroft.co.uk to learn more about us, and what we can do for you.

“’Fantastic, professional and very personable outfit. Couldn’t recommend Damien and Dan here more.  Added significant value for us with structure, tax advice and noteworthy industry networking / contacts introductions.”

– David Price, Director, 10Acia Construction.

Our Core Services

Construction Industry Scheme Compliance And Advice

Construction Industry Scheme (CIS) is a tax deduction scheme which involves tax being deducted at source from customer receipts and payments to suppliers for construction works.

Determining the correct CIS treatment can be a minefield and it is your responsibility to ensure the correct tax has been deducted. Failure to do so can result in HMRC chasing you for any lost taxes which can be substantial, along with fines and penalties.

We can also assist with achieving and maintaining ‘Gross Status’ so you do not suffer any tax deductions on your receipts, which can be highly beneficial to your cash flow.

VAT Compliance And Advice

With special VAT rules for construction it can be difficult to determine the correct VAT rates, because not only can they change from job to job but you also need to consider any ‘Blocked’ input VAT within your supply.

As experts in property and construction we can advise you on the correct VAT rates and how to ensure you are maximising your VAT efficiency whilst remaining compliant. In addition HMRC are planning to introduce a reverse VAT charge for the construction industry, effectively operating as a tax deduction scheme similar to that of CIS.

Dependent on you position within the chain and the nature of your business these changes could have a big impact on cash flow. We can assist you to quantify the implications of the changes and also to work on a strategy to minimise any negative impact.

We also assist with VAT on stage payments and retentions to ensure you are paying the correct amount of VAT within the required deadlines.

Consultancy And Advisory Services

As financial and industry experts we can go above and beyond the typical services provided by accountants to assist our clients with a wide range of issues, including:

  • Developing systems and processes to evaluate WIP and contract profitability.
  • Support in the evaluation and implementation of suitable accounting software.
  • Assistance with CITB returns and other census returns.
  • Management reporting including developing suitable budgets and projections.
  • IR35 assistance: discussing issues with workers and finding solutions to tax concerns.
  • Payroll services including payments to subcontractors.
  • Corporate structuring to assist with asset protection.

Land Remediation Tax Reliefs

Land Remediation Tax Relief (LRR) can provide a 150% deduction for qualifying expenditure incurred by companies in cleaning up contaminated or derelict land, to help bring it back to use.

LRR can be claimed on certain expenditures, with include:

  • Removal of asbestos.
  • Japanese knotweed.
  • Radon protection measures.
  • Removing building foundations and machinery bases, reinforced pile caps or below ground redundant services.

R&D Tax Credits

Research and development (R&D) tax credits are a government incentive there to assist UK-based businesses looking to invest in innovative products, projects, processes or services. Businesses that spend money doing so are eligible for R&D tax relief and could receive a cash payment or a reduction in Corporation Tax.

With potential savings of up to 33%, we can help you make your claim, benefiting your construction methods no end.

Why Choose Williamson & Croft?

  • We are an award-winning firm of accountants and tax advisors offering the full range of financial services to clients across the UK and beyond it. Our fantastic reviews are a testament to our success.
  • We understand that each client, business and construction project has its own set of commercial, financial and legal obstacles that we can help you to navigate. No issue is ever too problematic, and we stick by your side through it all.
  • Our dedication to client care ensures a personalised, empathetic, and results-driven approach. Not only will we deep-dive into your business, but we’ll ensure all risks and opportunities are identified to ensure you can manage growth and change in your business.
  • We are easily found in Manchester and Liverpool and it would be great to arrange a meeting to discuss your business and for you to meet the team who will be assisting you.

Recent News

Furloughed Employees

In what is already a challenging time for business owners, a lot of conflicting information is circulating. We are trying to keep you all as informed as we can but, we ourselves, are still waiting for final confirmation from HMRC on some aspects of the application...

read more

Coronavirus & The Impact On Business

Impact on Businesses As can be expected we have had a number of queries from clients in regards to their options following any downturn in trade or temporary halt in operations due to the Coronavirus outbreak. We understand it has become a testing time for business...

read more

Rishi Sunak Announces His First Budget

On the 11th March 2020, Chancellor Rishi Sunak delivered his first Budget to the House of Commons, announcing the government’s tax and spending plans for the year ahead. Headed by a £30 million investment to reduce the impact of the Coronavirus, further initiatives...

read more

Looking for a first-class accountancy service?

Williamson & Croft is a market leading accountancy, advisory and tax firm with particular specialisms in property, construction, retail, digital and creative, technology and professional services.

News

Furloughed Employees

In what is already a challenging time for business owners, a lot of conflicting information is circulating. We are trying to keep you all as informed as we can but, we ourselves, are still waiting for final confirmation from HMRC on some aspects of the application...

Coronavirus & The Impact On Business

Impact on Businesses As can be expected we have had a number of queries from clients in regards to their options following any downturn in trade or temporary halt in operations due to the Coronavirus outbreak. We understand it has become a testing time for business...

Contact

0161 399 0121

81 King Street, Manchester M2 4AH

Avenue HQ Liverpool, 17 Mann Island, Liverpool L3 1BP

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