Construction Industry Accountants

Are you tired of juggling the financial demands of your construction business? We understand that you face many challenges in the construction sector, from uneven workflows to managing cash flow when purchasing construction materials. You’re not alone in your struggles.

Whether you need help estimating construction project costs, legally setting up your construction company or understanding the Construction Industry Scheme (CIS), contact Ascott Blake today. We’ll ensure you’ll have the knowledge and tailored assistance you need.

Construction industry accountants
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    Accountants for the construction industry

    At Ascott Blake, we have plenty of experience supporting clients across the construction industry, including self-employed builders and growing construction companies. We offer affordable, high-quality accounting services that can be personalised to your particular needs.

    Our construction accountants are focused on keeping you compliant with HMRC while ensuring your financial operations are performing in the most efficient way for your company. From bookkeeping to strategic tax planning, you’ll have our full support.

    Contact us now to turn your construction finances around.

    What is the Construction Industry Scheme (CIS)?

    The Construction Industry Scheme (shortened to CIS) is a set of regulations by HMRC for contractors and subcontractors operating in the construction industry. It requires contractors to deduct money from a subcontractor’s wages and pass it onto HMRC directly as advanced payments towards the subcontractor’s tax and National Insurance.

    How are CIS deductions calculated?

    CIS deductions vary for registered and non-registered subcontractors. The gov website has the most up-to-date information, but currently (2024) the CIS deduction rates are:

    Type of Subcontractor

    Construction Industry Scheme (CIS) Deduction Rate

    Registered Subcontractors

    20%

    Unregistered Subcontractors

    30%

    Subcontractors with ‘gross payment status’

    0%

     

    At Ascott Blake, we’re well-versed in CIS deductions and keep informed on any changes to the rules and regulations. We’ll contact HMRC on your behalf and determine how much to deduct from a subcontractor’s pay. You can trust that we’ll have your CIS calculations correct every time.

    Who does CIS affect?

    The Construction Industry Scheme affects various businesses within the construction industry, covering both contractors and subcontractors. This includes small business owners who manage their own construction projects, sole traders who operate independently and limited companies engaging in construction work.

    Here’s how the registration works:

    • Subcontractors are expected to register for CIS if they get paid by a contractor to carry out construction work.

    • Contractors or businesses that spend more than £3 million on construction work within a 12-month period must also register.

    Ascott Blake will work with you to determine your registration status and follow CIS requirements, keeping your business operating as expected and far away from unwanted penalties.

    Why should you work with specialist construction industry accountants?

    Working with our specialist CIS accountants means you not only get someone who understands the construction industry exceptionally well but also tailored support and quality results. We’re familiar with the everyday challenges many construction businesses face, like project-based budgeting, handling cash flow, and, of course, the many CIS tasks.

    Our CIS accounting services

    Why struggle with CIS alone when you can have expert help?

    At Ascott Blake, our construction accounting services cover everything related to CIS, from the daunting task of payroll right through to paying taxes. We’ll ensure your business stays compliant in every aspect.

    Payroll

    There’s a lot to think about when it comes to payroll and the construction sector. Not everyone is paid the same. Whether you’re paying employees or subcontractors, we’ll ensure you meet HMRC’s regulations and follow CIS guidelines where appropriate.

    Our CIS payroll services take care of the CIS registration and verification process, deductions, and HMRC payments. We’ll ensure your employees and subcontractors are paid accurately and on time.

    Bookkeeping

    Make sure your records are always compliant with construction industry-specific regulations. Our bookkeeping services track all your financial transactions, ensuring that every cost, from materials to labour, is accurately recorded. We also handle accounts payable and receivable so you know who to pay and when and who owes you money.

    Tax planning

    Our tax planning services help you understand and manage your tax affairs effectively, resolving the financial worries of fluctuating incomes, project-based earnings, and handling expenses. We’ll work closely with you to create a tax plan that meets your financial goals and the demands of your construction business.

    CIS tax returns

    Let us help you pay tax on time and file accurate returns. Our experts will handle the CIS tax return process efficiently, ensuring you make full use of the deductions and tax benefits available to you. By keeping you on top of your compliance duties, we’ll reduce the risk of damaging financial penalties.

    Cash flow forecasting

    Build your business with sound financial health. Our cash flow forecasting services give you a precise overview of your finances, allowing you to anticipate and plan for upcoming expenses. By taking into account the irregular payments and seasonal nature of construction work and analysing your income and expenditure, we’ll ensure you have the funds available when you need them.

    Get in touch with our construction accountants today

    Do you have a self-employed business in the construction sector? Our construction accountants have everything you need to succeed.

    At Ascott Blake, we specialise in offering affordable, high-quality accounting services that are personalised to meet the needs of construction businesses. Whether you’re a small business owner, sole trader, limited company or a partnership, our dynamic team is here to help you with every aspect of construction industry accounting.

    Contact us today to speak to a construction accountant and learn how they can help with your financial success.

    Frequently asked questions about our CIS accounting services

    Can accountants help me with HMRC audits?

    Our accountants can support you during the challenging time of an HMRC audit. We’ll make sure your records are accurate and compliant, help you respond to any queries from HMRC and guide you through the entire process.

    Can I file CIS in Xero?

    Yes, you can use Xero to carry out various CIS duties, including calculations, reporting and filing CIS returns. It’s a great way to speed up the CIS process and reduce the chance of errors. At Ascott Blake, we use the latest Xero accounting software to help make this happen.

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