Whether you have your own business, or are an independent contractor, the construction industry can expose you to various tax implications, as well as tax opportunities. At EQ, our Property and Construction team have amassed expert knowledge, and valuable experience, from their construction clients and are on hand to help with a range of issues from cashflow projections to CIS tax. The below list represents some of the areas our team at EQ can support you:

Purchasing expensive assets – Clients sometimes need to purchase expensive plant and machinery and we can advise on whether it should be purchased outright, or whether it should be paid for by instalments using hire purchase, finance lease or by rental. The answer will be different depending on the individual client’s circumstances.

Raising finance – Very large purchases e.g. purchasing a new property or buying a site for development, may require a bank loan. We have built good relationships with all of the main banks and, working closely with the client, will prepare profit and loss forecasts and cashflows to gain funding from the bank.

Tax planning – All of our accounts staff are experienced in tax, and are trained in the latest tax rules. So when preparing accounts, we are well placed to spot tax problems or tax planning opportunities. More complex tax issues can be referred to our EQ Taxperts.

Bookkeeping services – We have an in-house bookkeeping department. For clients that need them, our Amber Accounting team can maintain their books and records, prepare and file VAT returns and prepare management accounts.

Other taxes – Construction clients have particular issues with VAT, LBTT and CIS tax. Our staff are well trained in spotting potential problems and will give proactive advice.

Payroll services – Construction sector payroll can sometimes be quite complicated and time consuming for the client. Our Amber Accounting team can take on all of the payroll responsibilities including completion of CIS returns.

Compliance work – Normal compliance work includes preparing and filing the accounts and corporation tax returns, as well as doing audit work, when required. We know that getting this work done quickly is important to the client and so every effort is made to get work completed as soon as possible.

Research and development (R&D) – There are many clients in the construction sector who undertake work that can qualify for generous R&D tax breaks. Our Property & Construction specialists can identify potential R&D work, and work with our R&D Taxperts to decide whether a claim can be made.

Buying and selling businesses – We can offer advice on buying or selling your own business. This could range from a valuation of the business, to advice on how best to structure the deal e.g. setting up an Employee Ownership Trust.

Business restructuring – Businesses always have to plan ahead, and we can help with selling or transferring shares to other family members or introducing a subsidiary company to protect business assets.

This list is not exhaustive, so if you would like to discuss further how we can support your construction business needs, please email our EQ Property & Construction team at [email protected] or visit our website https://www.eqaccountants.co.uk/property-and-construction/.