Expert Accounting for Construction Companies

With over 17 years’ experience serving the construction industry, we know
what it takes to run a lean and efficient business.

You construct the buildings. We've got the books.

No industry changes as fast as construction. You have to keep up with ever-changing tax rules, an unpredictable economy, and a relentless upward pressure on costs. With our expert accounting for contractors, we can give you the guidance you need to manage cash flow and make the right business decisions as painlessly as possible.

Select any of our services, from any category, to create a mix-and-match package that’s tailored to your needs.

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The Basics

Great for staying up to date

Dedicated Accountant - to manage your accounts, year end accounts, corporation tax return, directors’ personal tax return and the quarterly VAT return.

Dedicated Bookkeeper - to process receipts & invoices, reconcile bank accounts and do credit control.

Payroll - monthly payroll preparation and submission, P11D / CIS submission, and auto enrolment.

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Ready to Grow

For when you want to scale your business

Monthly management reports - We give you increased visibility over what the numbers really mean to your business and its bottom line.

Tax optimisation - Tax planning HMRC investigations SEIS / EIS / VCT / EMI / R&D Tax reliefs / Capital allowances

Profitability report - We will create budgets and cash flow forecasts for your business.

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Tax Support

Tax compliance and optimisation

Tax planning, structuring and VAT advice - UK & EU VAT optimisation & advisory

UK VAT returns - Preparing UKL tax returns, ATED and CIS returns

R&D Tax Reliefs - Claiming relief on qualifying R&D expenditure at 230%

How it works?

We offer a smooth and simple switch if moving from another accountant. We’ll help you get the exact
services you need along with process improvements and a best-in-class technology platform.

1

Learning about your business

  • Book an exploratory call
  • Get a custom proposal
  • Shake hands with your expert contractor accounting team

2

Getting you set up

  • Set up your technology stack
  • Document and automate your workflows
  • Take care of any catch-up accounting to iron out the kinks

3

Delivering value and support

  • Smoothly deliver your monthly work
  • Day-to-day assistance from your dedicated account manager
  • 24/7 multi-channel support (we’re with you all day, every day)

Why Taxace?

Expert CIS contractor accounting

30+ industry specialists, ready to help

Proven track record

Supporting construction businesses

Business insights

To help you grow further, faster

Dedicated account manager

Available 24/7 via multi-channel communication

Testimonials

Case Studies

Uxbridge Limited Ltd

Director Ioan Hrezdac came to us worried that his previous accountant had messed up the company’s Corporation Tax calculation. After in-depth analysis, we found significant errors in the allocation of subcontractor payments, which artificially raised the company’s profit. We successfully helped to:

DC Basturea Construction LTD

Despite being VAT registered, DC Basturea Construction were not receiving any VAT recoveries from their previous accountant. So, they asked TaxAce to investigate. We successfully helped to:

FAQ

Keeping accurate financial records is crucial for construction companies. To achieve this:

  1. Consider using trustworthy accounting software, such as Xero or QuickBooks, to track all financial transactions and expenses efficiently.
  2. Appoint one person or a team to be in charge of financial record-keeping and provide them with proper training.
  3. Record every expense and invoice for each project, including labour, materials, and equipment.
  4. Establish a routine of reconciling bank statements and reviewing financial reports regularly to ensure accuracy.
In the UK construction industry, the Construction Industry Scheme (CIS) requires construction companies to deduct tax from payments made to subcontractors. To calculate CIS deductions, take the gross payment amount and deduct the appropriate percentage (20% for subcontractors without a valid CIS certificate and 0% for those with a valid certificate). The deductions should be paid to HM Revenue & Customs (HMRC) monthly or quarterly, along with a CIS300 Monthly Return. Make sure to keep detailed records of all CIS deductions and payments, including invoices and receipts, to ensure compliance with CIS regulations. It is important to note that failure to comply with the CIS scheme can result in significant fines and penalties.
Cash flow management is critical in the construction industry. Start by forecasting cash flow by estimating future expenses and income. Then, stay on top of cash inflows and outflows by monitoring them frequently. Take action when necessary to improve cash flow. If cash flow is tight, consider using invoice financing or a line of credit. Prioritize payments based on the due date and the effect on cash flow.
Dealing with subcontractor invoices and payments can be a challenge in the construction industry. To make this process smoother, ensure clear communication of payment terms and schedules with subcontractors. Keep a record of all subcontractor invoices and payments, including retention amounts. Project management software, such as Asana or Trello, can help track subcontractor invoices and payments. Finally, promptly review and approve subcontractor invoices to avoid any payment delays.
VAT management is vital for construction companies to stay compliant. Identify the VAT status of all purchases and sales correctly, and keep detailed records of all VAT-related transactions, including invoices and receipts. Submit VAT returns on time to avoid any penalties for late payment. If you need more confidence about VAT compliance, consider working with a VAT specialist or an accountant to ensure that you pay and claim the correct amount of VAT.

Book a call that fits your schedule

Schedule a free consultation to see how we can help your Construction business save time and stress less.