Whether you are a subcontractor or run a building company employing others, the team at Cottons can help you. As a team of local accountants and tax advisors, we have many years of experience in helping many builders with their finances.
We understand that as a builder or business owner in the building sector you may work long hours. Many in this situation find that trying to find time for their accounts, bookkeeping and tax can be stressful and time-consuming.
By working with our team of accountants and tax specialists you will be able to free up time and save money. This will allow you to focus on your business.
How can we help you
The type of building work you undertake will determine which option is the most appropriate for your circumstances. For example, if you are undertaking a new build, the project may qualify for zero-rated VAT, depending on whether it meets the criteria set by HMRC.
From 1 October 2019 all businesses providing construction services, within the Construction Industry Scheme, will need to apply a “reverse charge” for output VAT unless the customer is not VAT registered, an “end user”, or within certain other exclusions.
The team at Cottons will work to ensure you remain compliant and tax efficient.
Limited Company formation for builders
If needed, we can form a limited company for you. This will enable you to take money out of your firm in a far more tax efficient way. You will also be able to claim tax relief on a number of costs for your business.
Construction Industry Scheme (CIS) for contractors
Under the CIS scheme, contractors are required to deduct 20% from a subcontractor’s salary. This should then be passed to HMRC to count towards advance payments for tax and National insurance contributions.
Our in-house payroll bureaux ensure your business remains compliant with issues such as RTI and Auto-enrolment.
Construction Industry Scheme (CIS) for sub-contractors
As a subcontractor, you will be subject to CIS tax deductions taken by your employer and paid directly to HMRC. These payments don’t take in to account the costs of running your business or any other income you may receive outside of your contract.
Our team of accountants and tax specialists work to ensure that you claim back all of the available allowances and expenses incurred during the course of your work.