CIS Construction Industry Scheme

Heelan Q&A: Construction Industry Clients

Victoria Scally News

The first in a series, we take a moment to speak to the team to focus on a particular area of interest or expertise.

We sat down with Anne, our Construction Industry Expert to give us an insight into how we currently help our Construction clients.

So, Anne, how did Heelan Associates first become known to construction businesses?

During our early days, our love of book-keeping and the practical paperwork side of business really paired well with many traders’ dislike of it! We had a lot of enquiries and through word of mouth, our service rapidly grew.

What made you want to continue to offer this to prospective clients?

We really enjoy seeing the difference it makes to our clients.

Giving time back to clients is the most valuable part of our offering. We remove the worries about paperwork late at night after work (or at the weekend). We allow our clients to enjoy their leisure time and maximise their chargeable time!

The Construction Industry Scheme (or CIS) can be very tricky to navigate if you do not fully understand it.

  • Who do you deduct tax from?
  • What services are outside the scheme?
  • How much do I deduct?
  • What paperwork do I have to give my subcontractors?
  • Can I offset tax deducted from my subbies against tax I’ve been deducted?
  • What do I have to send to HM Revenue & Customs?

If these are not completed correctly, they could be very costly to fix.

For example, failure to submit the monthly return is an instant £100 penalty!

This can also lead to difficulties getting tax repayments if not correct.

What makes an ideal candidate to seek your expertise and knowledge?

If you have a business that needs help with book-keeping, so you can get on and run your business. we have vast experience in helping those just like you.

We also specialise in helping businesses that have sub-contractors. We’ll help to sort out the ‘CIS’ part of your paperwork.

What changes have you seen in construction firms over the years of trading?

Well for starters, in the local area trade is booming!

With the number of local housebuilders our trade clients have never been busier.

This is a stark contrast to the global recession of the late 2000s’.

What, in your view are the bigger challenges faced by construction firms in Hampshire over the next 12 months?

There are some big changes to the way VAT is charged and dealt with in the Construction Industry from October 2019. We will have a blog post covering this later, but its key for all VAT registered businesses in this industry to be aware. This is on top of the ‘making tax digital’ changes coming in April 2019.

What are the biggest opportunities?

The current market.

It’s never been a better time to review your pricing and ensure as a business, traders are making the most of the demand.

I think for young people, the trade is still a fantastic opportunity for a lifelong career, so at a time where good labour is needed, now may well be the best time to train up in the industry.

What opportunities are there for Construction Clients working with an accountancy firm like Heelan Associates?

We’ll help increase your income.

Either through the best tax savings, efficient use of a limited company, helping with pricing or by saving you time, so you can spend more time on your business.

As you would expect as regulated professional accountants, we will ensure that everything is legal and being carried out correctly. We’ll give you peace of mind (but that’s far less exciting than the money bit….).