Construction industry
accountants
Leading accounting services for the property and construction sector.
Why construction accounting
is different
The construction industry is unique and has precise accounting and financial requirements. However, with a raft of UK government changes which included the launch of the VAT domestic reverse charge (March 2021), and new processes for submitting tax returns (via Making Tax Digital), and requirements for processing payments in the Construction Industry Scheme (CIS), it is good to have an accountant by your side that understands these issues.
The construction sector has to think on its feet following the recent economic downturn impacting its ability to plan and carry out building projects, so managing cash flow, careful financial planning, and remaining efficient is vital.
A solid foundation for your construction business
Our specialist accounting team for the construction industry can offer advice on structuring your business, cash flow, tax planning and business structure to improve the smooth running and profitability of your construction or property business. We ensure all builders, developers, contractors, and sub-contractors meet the new and existing regulations so that you stay compliant and continue growing your business.
What is the
Construction Industry Scheme (CIS)?
The CIS covers most construction work, including plumbing, roofing, plastering, electrical and building works. Suppose you are a company or self-employed individual working as a contractor within the construction industry. In that case, you are obliged to register for the scheme and to make the appropriate payments to HMRC. If you are a subcontractor, you do not have to register, but deductions are taken from your payments at a higher rate if you haven’t. With our expertise in the construction sector, we can help provide you with the information you need to solve problems and make the right business decisions to boost profitability. When times get tough, we will be right there with you to help review and make suggestions to streamline or reduce costs.
Work-In-Progress (WIP)
WIP is the value of work completed but not yet invoiced. So, for example, if the individual or group is halfway through one project worth £20,000, the WIP is £10,000. However, calculating WIP and matching costs is not always as simple as it seems. That is why hiring a seasoned construction accountant is vital. Our construction accounting experts can advise on the best approach to purchase or hire equipment, what expenditures are permitted, and how to minimise tax liability.
Why our clients
love us
Fusion Services
We provide a comprehensive range of accounting and tax services to help launch your new venture.
Our accounting software partners
Xero, Freeagent and Quickbooks are online accounting platforms that allow you to deal with your beauty business finances on the go. It brings together your real-time bank transactions, inventory, invoicing and expenses in a straightforward dashboard, easily accessible wherever you are.
Saving you time, hassle and money, and everything you can see, we can also see at the same time – putting us in the perfect position to advise you on your financial situation.
Ready to grow your business with us?
We will provide you with cost-effective accounting and tax advice that is custom made for the Construction Sector!
020-8577-0200
Why choose us
Dedicated accountant
We provide a very high-level service to our clients is at the heart of everything we do. You will have one point of contact, who will understand your business and work closely with you on your accounting needs.
Accredited accountant
You are in good hands! experienced. Our client managers are qualified and accredited by our accounting software providers Xero, Quickbooks and FreeAgent.
ICAEW & ATT registered
We offer transparent, all-inclusive monthly fixed prices, so there are no hidden costs, giving you absolute peace of mind.
Transparency
You will never receive a surprise bill from us. All our competitive monthly fees have a fixed price and are inclusive, with no hidden costs.
Forward thinking
We bring our clients the latest technology and apps to streamline processes, improve cash flow & become more efficient through automation.
Value add service
We are always looking to improve our accountancy service to boost your financials. This includes cash flow forecasting software, EMI schemes, legal services & Contractor insurance.
Meet our
construction sector accountant
Ryan Jerald
Client accountant
Hello, my name is Ryan and I joined Fusion in early 2021. I am currently studying towards an ACA qualification. I have experience in dealing with company accounts, VAT reviews and submissions, payroll and personal tax returns, as well as detailed bookkeeping using various accounting software’s, including FreeAgent, QuickBooks and Xero.
Outside of work I enjoy long walks, socialising and watching sports.
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FAQ ‘s
What is classed as construction work for CIS?
CIS covers all ‘construction’ work– this includes decoration, repairs, site preparation demolition and related work. Both those making payments and those receiving payments need to register. All business to business payments are covered.
What CIS expenses can I claim?
On your CIS tax return, you can claim for any work expenses that HMRC consider to be allowable for tax relief. Here are a few examples of what you can claim, but if ever unsure, please check with your Fusion dedicated accountant: Invoices, CIS statements of earnings, mileage, bank statements and purchase receipts.
How long does it take to get a CIS number?
It can take between 4 – 8 weeks for HMRC to issue the UTR number. Being CIS, the claimant should have details of their earnings and this information undoubtedly speeds up the process.
Where does WIP go on balance sheet?
Work in progress (WIP) refers to the raw materials, labour, and overhead costs incurred for products that are at various stages of the production process. These costs are subsequently transferred to the finished goods account and eventually to the cost of sales.
How do you treat WIP as part of your accounting service?
When accounting for these costs in the work in progress inventory asset account, an accountant would assign all raw materials associated with the work project, compile all labour costs associated with the work done on the work in progress inventory, assign any overhead costs associated with it, and then record the asset entry as a summation of these costs.
What does a WIP report look like?
The Work-in-progress reports we complete will generally include the contract amount, estimated costs, costs to date, the percent complete, billed revenue, earned revenue and over/under billings.
What construction industry sectors do you provide tax advice on?
There are five in total: Residential building, Commercial building. Heavy Civil Construction, Industrial Construction and Environmental Construction, and we can also provide assistance for plumbers, gas engineers and kitchen fitters.
We are modern accountants that help businesses grow
Please find out how our excellent tax advice helped Marco Fehrl, Director of 29 Forward Limited run his business more efficiently. We provided payroll, VAT returns and EEC services to his clients in France and all the year-end accounts and personal tax returns. Offering unlimited advice helped Marco support and grow his business.
Customer service reviews
Fusion Accountants helped me with setting up my company and they're very quick in sending relevant information via emails/posts, the staff are knowledgeable and understands your query's very well. I definitely recommends Fusion accountants to all the contractors and businesses.
