Accountants For The Trade Ltd

As a contractor, there are a few things you need to understand about the Construction Industry Scheme (CIS). You’ll need to make sure that you’re operating in a proper fashion, with accounts and records that are kept up to date. You’ll also need to make sure that you’re registered with the tax man and using the correct HMRC services to work with subcontractors. This includes registering a contractor to make the correct deductions. Once registered you need to make monthly submissions even if you’ve done no work!

We can get this done for you, guiding you through the process and making it clear and easy to follow. Once you’re done, you’ll be ready to start looking after your subby’s as if they were your own staff, and will finish off your week, stress-free and comfortable with the work that’s being done for you.

As a subcontractor, you will likely have tax taken off you before you get paid. There are some key steps that you’ll need to go through in order to make sure you’re in the clear, and able to stay operating how you want.

You’ll need to make sure you’re registered with HMRC as a subcontractor and get verified by a contractor in order to find out what rate applies to you.

There are three rates:

0% can be applied if you have applied for gross status, but certain conditions must be met.
20% is the most common deduction, but you must be registered with the tax man first.
30% is applied in all other circumstances when you haven’t been verified.
We can help you understand how CIS will work for you, and make sure that you’re set-up, and ready to work with minimal stress. That end-of-work pint will feel so much better.

You know the drill – every year you have to submit your company accounts to Companies House. It’s a tricky task, especially if you’re always busy, which requires skills and energy that will sap away at your own valuable business time. If you get it wrong, you could face the fury of HMRC and risk your entire business in the process.

Thankfully, that’s why we’re here to help. We’ll give you an effective and simple accounts service, that is fast, to the point, and modern in its delivery. We’ve got this under control and will ensure you meet this deadline without any extra stress.

Once your accounts are in order each year, you can rest easy and begin to plan for the future. Maybe even think about getting off the tools for good.

You might be wondering how you can get a better understanding of your business. It’s hard to look at a lot of numbers on a page and equate that to the future of your company. That’s where management accounting can help you. It’s about bringing the most important numbers to you in a way you can understand.

Our team gets to understand what is important to you and your business first, then tailors our reports the key information you need. We produce this information either monthly or quarterly, so you can see how the business is performing in real time. If you’re looking to expand the company, this is vital for attracting a big bag of cash from a potential investor or raising finance through a bank.

The difference between these and annual accounts is that they’re much more regular. They’ll tell a story for you on a monthly basis rather than just over a whole year. You can even use them to create key performance indicators (KPIs) if you wanted.

You’ve spent years crafting a great team of people to work with you. You treat them well, give them opportunities, and think about their future. Then you get derailed by a large job, which saps away at your time, meaning for a month, you can’t give payroll the time it needs. This could mean your hardworking staff don’t get paid on time. Next thing you know, everyone is at your door, stressed and unhappy. Don’t let that happen.

As a task payroll can be time-consuming, and easy to get wrong, but that’s why we’re here to help. Our payroll service will get you back in control and on top of HMRC. We’ll make sure that your team is paid on time, every time. We’ll take care of your pay calculations, deductions, pensions deductions (including auto-enrolment), payslips, and of course, paying your tax bill.

Obviously, there are different calculations for each member of your team. If you’re using subcontractors then there are things to be aware of like CIS. Your team may require some kind of benefit or deduction to their wage – be it child maintenance, maternity, or sick pay. We can handle the lot.

If you’ve got any apprentices on-site, or use staff on a minimum wage or zero-hours contract, then we’ll help with that too. We’ll give you support where you need us, and can make sure that you’re all paid fairly, and without any extra hassle.

When trying to grow your business, there are many things to consider. You need to be able to analyse your current financial situation, without the stresses of your day-to-day job getting in the way. It’s hard to have time to look at your accounts to see where you could do with investment when you’ve been grafting in the sun all day.

That’s where we can help. We’ll analyse and discuss financial providers who could help your business, based on what you tell us you need. We’ll go away and chat with these people, to find out what kind of support they could offer you.

Our connections are great within the tradesmen environment, so you can rest assured that we’ll find a suitable match for you and your business, and get you started on the path to making it even better. We’ll sort out bank loans, overdrafts, hire purchases, any sales invoices that you’ll need factoring and discounting, and even help with leasing and contract hire, where appropriate.

There will be lots of time to ask questions too, so don’t worry about things happening too quickly. We’ll make sure you’re happy and that it matches up with your dreams for your business.

It’s normal now for most businesses to have everything linked up over the internet. Having your accounts accessible via your phone is a real win if you’re always on the go. Getting the right app for your business, however, can be a challenge. And, there’s no guarantee that you’ll be able to get it set up.

We’re experts in getting these accounting platforms working for you. Were big fans of Xero, and we can train you up and give you constant support where you need it, so you’ll never feel in the dark. It’ll also help you comply with Making Tax Digital (MTD) which is important for the future security of your business.

The benefits of cloud accounting are massive. Being able to take pictures of your receipts and being able to invoice from your phone changes the game. There will be less paperwork in the long run and you will get paid quicker.

It’s another part of being a business, but every year you must submit a tax return to HMRC. Getting this wrong can be dangerous, meaning you pay too much tax, or worse face an inquiry or serious financial penalties. Doing it yourself adds that extra weight of stress onto your shoulders, which can be alleviated simply by outsourcing to us.

We’ll help you file the tax return with zero hassle, keeping your profit and loss sheets up to date and prepared alongside a company tax return. We’ll help you claim reliefs where possible, and find allowances to reduce your tax liabilities. We’ll keep HMRC off your back, and under control.

We’ll try to reduce your bill where we can, looking into any of your expenses that could be deducted before your profit is calculated. All of these little savings can add up, and give you more money to pump back into the business.

All of this is connected to having good accounts, so if you’re using us for your bookkeeping too, you’ll be in a great position to see real savings from your tax bill.

It’s a complicated area that can freak you out, but VAT requires constant attention, with regular submissions to HMRC. If you mess it up, they’ll come for you, potentially even with an investigation. If you do it all right, however, you might even reduce your VAT bill.

We’re experts with VAT. We’ll give you proper strategic advice, and dedicated support with all the admin taken care of. Be it VAT registration, the VAT return itself, or any questions you may have – we’re on top of it.

Depending on what goods you’re using you’ll find that some goods or services have different VAT ratings. There are a variety of different schemes and rules that apply if you’re in construction (VAT reverse charge for example), as well as knowing when to actually register your business.

We’ll make sure that you’re compliant with MTD (Making Tax Digital) too, which is vital for the future of your business operations.