Accountants for the Construction industry
Supporting you to create a strong foundation and build your business
At CRM, we work with a number of clients in the construction industry.
Our specialist knowledge and awareness makes the numbers work and helps provide tailored advice to our clients.
Here are a few ideas to get you started:
Common things to think about when using subcontractors and the Construction Industry Scheme (CIS):
- Verifying subcontractors- you need to check that the subcontractor is registered with HM Revenue & Customs.
- Appropriate deductions- subcontractors can have different tax statuses, meaning deductions may have to be made from their pay.
- Returns- every month, contractors must send HM Revenue & Customs details of the subcontractors they have used.
- Payments- each month/ quarter, contractors must make a payment to HM Revenue & Customs for the deductions they have made from subcontractors.
- Keep your business receipts- ensures that you account for all expenses incurred to help reduce your tax bill.
- Invest in assets- equipment used within the business for more than one year can qualify for 100% deductions for tax purposes.
- Keep mileage records- ensures that you claim the maximum amount of costs allowable for travelling between clients.
- We help you to keep more of what you earn for you and your family.
- Provide advice, experience and expertise which is personal to you.
- Enable you to grow your business.
If you would like to discuss any of the above in more detail then please do not hesitate to contact us on 01865 379272.