Accounting In The Construction Industry 

Bookkeeping Services - MCC Accountants

One of our sectors here at MCC Accounting is construction. In this guide, we are going to be discussing construction accounting and what it means to have a helping hand from our accountancy services especially as the year 2023 is coming to a close. So, if this is the advice you have been searching for, make sure to keep on reading! 

Construction companies can be extremely busy with so many tasks to complete under strict time frames. So having a reliable company who can help you organise your finances is always helpful. Now it is coming to that time of year where tax returns and financial statements have to be gathered and submitted, you want to ensure that you stay organised and on track to avoid trouble from the HMRC. Here at MCC Accountants, we can take all of the financial stress of your shoulders and help your finances stay on track and are paid in the correct way. 

If you are unsure on which accounting method to choose for your construction company, take a look below at some of the different methods that are provided below: 

  1. Cash 
  1. Accrual 
  1. Percentage of Completion 
  1. Completed Contract 

These four methods are different in ways that they track finances. They differ in the tracking and organising of income, expenses to pay out, and also the profit that comes in.  

This is a bespoke type of accounting and can be customised to exactly what you are looking for from an accounting practice. We are always more than happy to go the extra mile for all our clients so if there are any questions, concerns, or suggestions that you have, please do not hesitate to ask away! 

The Construction Industry Scheme, also known as the CIS, is the Government tax scheme in which they create specific tax rules and regulations that will apply to subcontractors that work within the construction industry and their payments will be handled by contractors. 

This is an area that our team of specialists CIS accountants is very familiar with, with our experiences from previous clients, this has allowed us to become the absolute best in our field. Over the years, we have helped many clients and subcontractors with any of their tax or financial questions and concerns. 

Under the CIS, contractors will calculate and deduct money required from a subcontractor’s financial record and pay those taxes to the HMRC. The deductions are an advance payment towards the subcontractor’s tax and their National Insurance. If you are interested in this financial guidance, you must fill out a documentation form to enquire.  

Here at MCC Accountants, we pride ourselves in offering the best accounting services in the UK. We have had a wide range of clients over our business journey so far and this is only the beginning. We provide our clients with a comprehensive and premium accountancy service that comes with two huge benefits, a competitive price and a team of experts who are available for all your financial queries! 

For more information or to get in touch, please contact a member of the team to begin your journey with us today! 

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