Accountants for the Construction Industry
Protecting your interests is one of ours
With sector-specific and complex legislation that is constantly changing, it is time-consuming and complicated trying to stay on top of things. 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.
How we can help?
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.
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.
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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.
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News
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