Author name: James Wheeler

Construction firm deciding on what accountant to hire

What should you look for when choosing a specialist construction accountant?

If you run a construction business, are a self-employed construction contractor, or a tradesperson, managing your accounts can be challenging. With the ever-changing regulations in the Construction Industry Scheme (CIS), the VAT domestic reverse charge, and the transition to Making Tax Digital (MTD), it makes a difficult job even harder. But there is help at […]

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What is VAT domestic reverse charge in the construction industry?

What is VAT domestic reverse charge in the construction industry?

In March 2021, HMRC introduced the domestic reverse charge (DRC) to combat VAT fraud in the construction industry. Under this new rule, the obligation to account for and pay VAT shifts from the supplier to the buyer in construction-related transactions. This significant change aims to ensure better VAT compliance and reduce fraudulent activities in the

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Person with incorrect self-assessment tax return

What happens if HMRC discovers that a self-assessment is incorrect?

The thought of submitting a self-assessment tax return sends shivers down the spine of many a self-employed person! The complexities of tax regulations and the fear of making mistakes can lead to sleepless nights for even the most financially savvy among us. But what happens if you or HMRC do discover a mistake? If HMRC

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Business choosing their pension provider for auto-enrolment

How do I choose a pension provider for auto-enrolment?

As a UK employer, it is your legal duty to auto-enrol employees in a workplace pension scheme. Choosing the right pension provider is crucial to safeguard your employees’ investment, demonstrate your commitment as a responsible employer and complement your business’ overall financial strategy. Before choosing a pension provider for auto-enrolment, consider factors like overall pension

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A business outsourcing their payroll processing to an accountant

Why should you outsource payroll services?

Payroll responsibilities can be time-consuming, costly and daunting, especially for owner-managed SMEs trying to scale their small business and build a team. As business owners grapple with evolving payroll laws, compliance challenges, and the need for precision, many are turning to payroll outsourcing services. Business owners outsource payroll to save time, reduce errors, maximise cost

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expenses construction firms should be claiming off their tax bill

Expenses every construction firm should be claiming

If you’re a limited company in the construction industry, your day-to-day operations are no doubt hectic. It’s hard to keep on top of logging business expenses correctly, and all too easy to lose receipts. Unfortunately, mistakes and missed expenses compound over time and can have a disastrous effect when it comes to your tax return

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business owner deciding with to be a sole trader or a limited company

Should I trade as a limited company or sole trader?

Thinking of starting a business? One of your first decisions as a self-employed person is what business structure to choose. The two most common options are either a sole trader or a limited company. Each path comes with a unique set of advantages and disadvantages, spanning legal, financial, and operational aspects. Many business owners start

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specialist construction firm accountant

Do construction firms need an accountant?

In the world of construction, budget management and tax compliance are crucial to profitability and success. Construction accounting is time-consuming and complex, but do construction firms need an accountant? A construction firm can benefit from outsourcing accounting to navigate the complexity of the CIS system, stay compliant, budget effectively and maintain a positive cash flow.

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