ACCOUNTING FOR CONSTRUCTION
CONSTRUCTION INDUSTRY UK
Construction in the UK is a diverse industry that includes trades such as the construction of infrastructure and buildings, mining, quarrying and forestry, the manufacturing and supply of products, as well as the maintenance, operation and disposal.
As you can see the industry is vast, and as a result of this the construction industry contributes more than £110 billion per year to the UK economy and provides 7% of GDP according to the Government Construction Strategy. Not only does it provide a considerable amount of money to the economy, it also accounts for approximately 3 million jobs, which makes up 10% of UK employment (Construction 2025).
The nature of Construction in the UK is high-cost and high-risk. It relies on the health of the wider economy, such as global economic events, trends in property investment and the governments appetite for launching public infrastructure projects. Therefore, when the economy is struggling, the construction sector usually grinds to a halt. Conversely, when the economy begins to pick up again, the construction industry quickly begins to recover.
Accounting for Construction Companies
With building being one of the most volatile sectors, accounting for construction companies is not only dealing with the usual tax services, but it is heavily reliant on business planning and real-time advice to operate at a profit.
As you know, working in the construction industry rarely has a fixed business structure. Contractors make up the majority of the workforce – they may come and go, working a few hours, or days a week. They may also employ their own sub-contractors. Already, there is a very flexible payroll to keep on top of.
In the UK, we have very specific accounting regulations for construction companies, the Construction Industry Scheme (CIS). This requires construction companies to collect taxes from their sub-contractors on behalf of the government. Already, we have a very complex set of tasks to perform.
How can we help with your Construction Accounting?
We provide accounting and bookkeeping services in Manchester, and across the rest of the UK.
Our bookkeepers will be able to help you manage the day to day accounts of your business, such as bills and invoices, and processing expenses.
Our accountants will help you with the business structure side to your business, advising you on ways that you can save on tax. More to this, we have accountants that come from a construction background and offer a wealth of experience in this sector.
Hiring both our bookkeeper and our accountants will save you more money in the long run than what we actually cost.
Accounting Services for Construction Companies
At Parker Whitwood, we provide you with your very own team of accountants who we select especially for the needs of your business. This way, you get direct contact with your accountant whenever you need them, and it avoids speaking to other accountants who are not involved in your business. It also enhances our relationship with you, as at Parker Whitwood, our clients are not just a number to us.
We offer the following construction accounting and bookkeeping services:
New Business Start-Ups
Strategic Business Planning
CIS Registration, Administration and Compliance
CIS Compliant Payroll Advice
HMRC Contractor Reporting
End of Year Accounts
Business Structuring and Re-Structuring Advice
Unlimited Telephone Support
There are hundreds of construction industry job roles in the UK.
Electrician, Plasterer, Bricklayer, Plumber, Architect, Quantity Surveyor, Joiner, Carpenter, Roofer, Scaffolder, Painter, Decorator, Steel Fixer, Gardener, Landscaper, Installations, Glazers, Structural Engineer, Project Manager, Site Supervisor, to name a few.
Get in Touch
For peace of mind that your complex accounting processes are being taken care of give us a call here at Parker Whitwood. We will ensure your construction business accounting is compliant, and your tax returns are completed and paid on time. Leaving you to concentrate on the actual running of your business.