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.

Key tips:

  • 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.

Why CRM?

  • 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.

 

You can read our article - What is the Construction Industry Scheme (CIS) by clicking here

You can also read our article - Allowable Expenses for Subcontractors by clicking here