Stephenson Smart has been providing accountancy services to the construction sector for over 100 years. We have a wealth of experience and knowledge when it comes to accounting services for the building industry, with advisors in Norfolk and Cambridgeshire.

Our clients include developers, building contractors, sub-contractors, and tradesman. Our experienced and qualified accountants understand the challenges and needs of your unique industry.

CIS TAX RETURNS

The current Construction Industry Scheme (CIS) is unique to the building industry and was introduced to handle the taxes of self-employed contractors within the construction industry. It covers any work carried out within the UK and includes work such as bricklaying, plastering, decorating, and extensions.

Whether you are a self-employed contractor, or employ self-employed contractors, you need to understand the CIS and make sure the correct registrations and returns are made to HMRC.

The benefits of using an accountant:

  • Saving you time to focus on running your business.
  • Specialist knowledge to ensure accurate reporting.
  • Expert advice on tax planning and compliance.
  • Accurate and informed business advice.
Construction

The accountancy service we provide is:

PROFESSIONAL

Our teams are fully qualified and experienced in your sector, to provide you with an efficient and personal service.

COMPLIANT

As chartered accountants we are aware of your obligations to HMRC and qualified to ensure they are fulfilled.

SUPPORTIVE

The advice and support we can offer you and your business will give you the peace of mind to allow you to concentrate on your profession.

Construction
Construction

Our business has been in our family for 60 years and everything we build is bespoke, therefore when our in-house accountant retired we needed to find the right accountants to work with. Chris at Stephenson Smart is very easy going, nothing ever seems to be a problem. He looks after all our books and has become like another employee of the company – that is how we view him.

Rob Knight, Owner, Richard Knight Homes

Construction

As part of our accountancy service, we provide:

  • Full accountancy service, including end of year financial statements.
  • Accurate and timely bookkeeping.
  • Accurate and timely payroll.
  • VAT advice and support.
  • CIS registration and returns.
  • Tax planning.
  • Self assessment tax returns.
  • IR35 advice.
  • Digital reporting to HMRC.

We are members of the Institute of Chartered Accountants, making us fully qualified to be your trusted accountant.

We can look after some of the administrative tasks that have to be done, such as payroll and bookkeeping, leaving you time to focus on the developing and managing your business.

From self-employed trades to large development companies, we can help you to run as an efficient, profitable enterprise, so that the future of your business is assured.

FAQS

When looking for an accountant to help you with your construction business it is important to find someone who has experience in the sector and who has the right accountancy qualifications. We have over 100 years of experience in the construction industry and are members of the Institute of Chartered Accountants.
ust as you are a qualified specialist in construction, accountants are qualified specialists in accounting. A specialist accounts team bring knowledge and experience of bookkeeping, returns, VAT and reporting to your business.
A business can apply for gross payment status when registering for CIS or at any point after registration. However, there are certain criteria that you must meet in order to qualify, and these are dependent on the type and size of your business. We can help determine whether your business would qualify and help you apply for gross payment status.
VAT in the building and construction sector can be complex and the rate of VAT to be charged, whether standard rate, reduced rate or zero rate, will depend on the type of project you are working on. There is also the VAT Domestic Reverse Charge to consider if you are supplying building and construction services. As well as charging the correct VAT on your sales it is also just as important to ensure you are being charged the correct rate of VAT on your purchases. We can offer bespoke advice to ensure you are always charging and reclaiming the correct VAT.
Each person working for you needs to be assessed individually to determine if they should be classed as employed or self-employed. Legally, it is the responsibility of the business to ensure that they have correctly identified the employment status of the individuals they engage. Things to consider are the terms and conditions of employment and the working relationship.

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