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Construction Industry Case Studies

Construction industry accountancy specialists initial business health check evolves to full support for specialist building company

With SGW recommendations successfully implemented and the business starting to turn around, Portsmouth Carpentry asked SGW to provide a full package of financial support services ... a decision that has contributed to the business turning over in excess of £1m today.

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Construction industry accountancy specialists support building company’s growth ambitions

Working with SGW saw Hi-tech turnover increase from less than £1m to over £3m in three years. The business is particularly recognised in Hampshire and neighbouring counties for its expertise in drainage and for disabled adaptations.

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Construction Industry

Building and construction firms often struggle because they do not know how much they should be charging for the projects they undertake. This happens because of the repetitive nature of some of the work – and because there is neither the time nor the expertise to analyse the costs associated with their operation and the margins required to achieve projected gross profits.

Working with SGW can turn this situation around.

Using our SAGE Construction software, we can monitor and analyse your invoicing, valuations, purchase orders and wages and recommend changes in working practices and pricing that will get your profitability back on track.

And of course …

… SGW can provide all of the other services you might require including:

  • new business set-up
  • book-keeping and accounts production
  • VAT returns
  • payroll
  • purchase order raising and invoice raising and ‘chasing'
  • tax planning.

From the above list, you can also see that using SGW can see significant savings in your clerical staff wage bill!

CIS Scheme

Few industries are without specific legislation these days and the construction industry is certainly no exception.

And when it comes to managing the financial side of your construction business, you have to be particularly mindful of the provisions of the Construction Industry Scheme (CIS).

Introduced in 2007, the CIS set out new rules for how payments to sub-contractors for construction work must be handled. CIS can apply to self-employed individuals working as sole-traders, partnerships, companies and limited liability partnerships … and it can apply to labour agencies and staff bureaux, gang-masters or gang leaders and property developers as well as traditional construction businesses like builders.

Under the CIS scheme, all payments made from contractors to sub-contractors must take account of the sub-contractor’s tax status as determined by HM Revenue & Customs. This may require the contractor to pay HMRC a deduction from the sub-contractor’s payment.

SGW Accountancy Services Ltd can support all of your CIS compliance. We can ensure your correct registration for the Construction Industry Scheme, as well as check with the HMRC that any sub-contractor you wish to employ is registered using HMRC’s ESI (Employment Status Indicator) tool. We can also manage your monthly returns to the HMRC detailing all of the payments made by you under the scheme or whether no payments have been made.

SGW Accountancy Services Ltd has a long-standing association with – and an in-depth knowledge of - the construction industry. We invite you to take advantage of our industry specific knowledge.