Accounting Services for Construction Companies in the UK

Accounting Services for Construction Companies in the UK

The tax regulations for the construction companies and VAT registered builders in the UK has always been a bit quirky. Moreover, the introduction of revised VAT Domestic Reverse Charge for the VAT registered builders has added fuel to the fire – making it more complicated for construction companies across the UK to manage their accounts. Many construction companies in London and across the UK are finding it hard to get conformable with the new Domestic Reverse Charge rules.

If you are too worried about quirky tax laws, especially after the introduction of VAT DRC, then it’s time to contact Affinity Associates to manage your accounts and books more efficiently. If you want to learn more about Domestic Reverse Charge and how Affinity’s accounting services for construction companies can boost the growth your business, please visit https://www.affinityassociates.com.

Our Accounting Services and VAT Domestic Reverse Charge

After getting delayed for almost two years, VAT Domestic Reverse Charge has been brought into effect by the HMRC with an aim to put control on fraudulent sub-contractors and  increase the revenue, but majority of subcontractors and construction companies across the UK are struggling to understand process and manage their compliances. If you are not sure what to do to with the new set of rules, then we are here to help.

We are Affinity Associates, a small business accountancy firm in London offering end-to-end accounting and bookkeeping services to businesses coming from different domains and industries. With more than two decades of industry presence, we hold expertise in offering highly professional accounting services to construction in London and across the UK. Here are some reasons why our accounting services are the best for your construction company, and they are:

  1. Systems and Training: We are well-prepared and have everything in place – from updated systems to trained professionals. In our team, we have certified professionals who are aware of the changes and how to implement those changes in their work. Moreover, we constantly train our resources so that they stay atop of the trends in the industry. Our team is all set to deal with the revised VAT DRC for the construction companies in the UK.
  2. Cloud Accounting: This is the call of the time, and your company must embrace this technical shift for the betterment. At Affinity Associates, we love to keep ourselves updated with the latest trends, and as a result of which we are one of the top-rated cloud accounting services providers in the UK. Easy-to-use cloud accounting software will help you keep track of your sales, purchases, invoices, and receipts with a nuance that can more easily allow for these changes.
  3. Flexible and Affordable Services: Affinity Associates is the best small business accountancy firm offering highly professional and affordable accounting services to different businesses. Our accounting services are best for construction companies, law firms, real estate firms, and many other businesses across the United Kingdom.

Contact Affinity Associates

If you are a VAT registered construction company in the UK, and need help in understanding VAT DRC, then feel free to contact us at https://www.affinityassociates.com/contact-us. We will help you understand the Domestic Reverse Charge, and what steps you must take to accommodate the changes. To learn more about our accounting services for construction companies in the UK, please call us at +44-20-8903-2077.

Our small business accountancy service is best for businesses in Staines, Leatherhead, Weybridge, Chertsey, Caterham, Dartford, Uxbridge, Harrow, Watford, Enfield, Loughton, Brentwood, and Romford.

Important Update! VAT Domestic Reverse Charge for Construction Industry in the UK

Important Update! VAT Domestic Reverse Charge for Construction Industry in the UK

After getting delayed for almost two years (because of Brexit and COVID19 pandemic), the VAT Domestic Reverse Charge for the construction industry has finally brought into effect by the HMRC in the UK. The measure is introduced in order to control fraudulent sub-contractors who were charging extra/unnecessary VAT to their customers and not declaring in the returns. The HMRC has made some much-needed changes/modifications in the DRC for every entity associated with the building and construction industry. Mr Mukund Amin founding partner says, The DRC system has already been introduced in some other sectors including telecommunication services, mobile phones, utilities and computer chips to name a few, and has so far worked well. We at Affinity Group are sure that compliance will not be as difficult as it is perceived. Below are some facts that will help understand the concept.

Constriction/Building Business and VAT DRC?

If you are a VAT registered construction company or builder (contractor or sub-contractor), then these major VAT changes will definitely affect you. Overall, you will need to evaluate each contract that are in place to ascertain compliance. Our team of Accountants and Senior staff in the UK are given comprehensive training about when the reverse charge will apply and focus on to avoid any potential issues with HMRC. The charge will affect supplies, both at standard and reduced rates where payments are required to be reported via the Construction Industry Scheme (CIS).

VAT Domestic Reverse Charge for Construction Industry

 

If you are a VAT registered contractor/sub-contractor in the UK, and if you or your team of accountants is finding it hard to understand or cope up with the VAT DRC by the HMRC, then help is just a call away. Schedule a free consultation with an accounting expert in London (Call +44-20-8903-2077) who will answer all your question related to Domestic Reverse Charge and tips to stay protected from potential penalties.

What Your Construction Business Needs to Do?

If you are a VAT registered builder in the United Kingdom, then here’s what you need to do:

  • Check when you must use the reverse charge on your sales, purchases or both.
  • Find out how the charge works if you supply services.
  • Find out how the charge works if you buy services.
  • Read more detailed guidance about the reverse charge.
  • Watch our online webinars to get help and support for VAT

For Immediate Help and Support, Please Contact https://www.affinityassociates.com.

How to Prepare Your Construction Business for VAT DRC?

Advance preparation will certainly save from last-minute hassles. Here’s how you can prepare your business for VAT DRC:

  • Make sure your accounting systems and software can deal with the reverse charge
  • Consider whether the change will impact your cash flow
  • Make sure all your staff who are responsible for VAT accounting are familiar with the reverse charge and how it will work

If the VAT reverse charge does not apply you should follow the normal VAT rules. We also have flowcharts to help you decide if you need to use the reverse charge.

Get Your Doubts Cleared with Affinity Associates

If you need more information and help in understanding the revised VAT Domestic Reverse Charge for Construction Industry, how it will affect your business, and how you need to prepare yourself for the reverse charges, please feel free to contact Affinity Associates at www.AffinityAssociates.com. You can also call us at +44-20-8903-2077 (London) for a free and friendly consultation to solve your doubts.