Construction sector

How we help the construction sector:
Without wishing to be rude, people that work in construction are not known for being the best at keeping or processing financial records. So, the challenges often start with finding a system that works for the client before we even get to any compliance issues. Construction has it own special rules in the Construction Industry Scheme, where not only is it essential we get our clients to comply but we also need to ensure correct records are being kept by the people they work with, either contractors or subcontractors. On top of which there is also the reverse charge VAT scheme that can baffle quite experienced bookkeepers and accountants, especially if they are not experienced in this sector. Fortunately, we have a strong team with a broad understanding of exactly what clients in this sector need.

Our sector knowledge:
Construction has extensive rules and regulations that are sector specific plus special tax system and registrations that must be enacted before any payments are made. All of which Alexander Accountancy has been managing for many clients over many years.

Alexander Accountancy’s approach:
Alexander Accountancy have systems and processes in place to make sure we are ahead of the curve in keeping clients compliant and making sure they meet their responsibilities. We take care of everything from initial reminders, cross checking against payments in and out, to filing and supplying all the necessary returns and documents.

Sector insights:
Construction has always been regulated in different ways to other sectors. The regulations have largely been aimed at ensuring individual and business tax is deducted at source and paid at the earliest opportunity. In recent times these principles have been applied to VAT. Being familiar with the application and operation of the regulations allows Alexander Accountancy to keep their clients records compliant by regular processing which allows us to spot where different schemes, such as claiming gross payment status, may be preferable.

Who we work with:
Alexander Accountancy works with the full spectrum in this sector from subcontractors that need to register to ensure their correct deductions status, to contractors developing their own sites or fulfilling contracts for national and local government bodies.

How we add value:
Over the years Alexander Accountancy has helped with many success stories in the construction sector. In several examples we have helped subcontractors develop their businesses to a level where they achieved multimillion-pound turnovers and significant property portfolios.

Our sector connections:
Our networks and contacts in construction are almost limitless. We have clients and contacts that are architects, estate agents, investors, landlords, main contractors, mortgage and finance advisors, planning agents, plant operators, project managers, property developers, solicitors, tradesmen, and other specialists. We bring all these together through our property forum Alexander’s Property People.