Construction Industry Scheme (CIS) Accountants

Build on a solid foundation, with expert bookkeeping tailored to your needs.

Accounting for the self-employed in the construction industry comes with its own set of challenges and requirements. Here are some key steps and considerations for accounting in the construction industry as a self-employed individual:

  • Business Structure: Decide on the most suitable business structure. Many self-employed individuals in the construction industry operate as sole traders, but you might also consider forming a limited company for liability protection and tax advantages.
  • Business Bank Account: Open a separate business bank account to keep personal and business finances separate. This simplifies accounting and tax reporting.
  • Income Tracking: Keep meticulous records of your income sources, which may include payments from clients, subcontracting work, or any other revenue streams.
  • Expense Tracking: Maintain a record of all business-related expenses, such as materials, tools, equipment, fuel, vehicle maintenance, insurance, subcontractor payments, and permits.
  • Receipts and Invoices: Keep detailed records of invoices sent to clients and receipts for expenses. This documentation is essential for tax purposes and for verifying deductions.
  • Accounting Software: Consider using accounting software such as QuickBooks, Xero, or specialized construction accounting software to manage your finances, track income and expenses, and generate financial reports.
  • Tax Obligations: Be aware of your tax responsibilities. In the UK, this includes paying income tax and possibly Value Added Tax (VAT) if your income exceeds the threshold. Consult with a tax professional or accountant to ensure you meet all tax requirements.
  • Construction Industry Scheme (CIS): If you’re a subcontractor, you may need to register for the Construction Industry Scheme. Under CIS, your clients must deduct tax from your payments, and you’ll need to report these deductions to HM Revenue and Customs (HMRC).
  • Insurance: Consider insurance, such as public liability insurance, to protect your business from potential claims or accidents on the construction site.
  • Self-Assessment: As a self-employed individual, you’ll typically need to complete a Self-Assessment tax return. This is where you report your income and expenses and calculate the tax you owe. The deadline for this is usually January 31st for the previous tax year.
  • Professional Advice: Given the complexity of accounting in the construction industry, it’s advisable to consult with an accountant or tax advisor who specializes in construction. They can help you optimize your financial management and tax strategies.
  • Record Keeping: Maintain a well-organized filing system for all financial documents to make it easier to access information when needed, especially for potential tax audits.

Effective accounting is crucial for the financial health and compliance of your construction business. Staying informed about industry-specific regulations and tax requirements is essential, and professional guidance can be valuable to ensure you’re managing your finances correctly.

Why Choose Swan Books?

Swan Books brings over 16 years of trusted accounting experience in construction. We don’t just see numbers; we see local businesses thriving and communities growing. We have many accounting clients in the construction industry, and they often commend our friendly, professional, and approachable style. Beyond mere testimonials, our track record of success and our commitment to ensuring businesses flourish stands as our proud testament. Discover the Swan Books difference today.

There’s a reason we have nothing but 5 star reviews on Google.

 
Vanessa Vieira
Vanessa Vieira
1 November 2023
Accounting done in THE most effective and efficient way. The technicalities that come with filing my accounts were daunting and overwhelming. When Stacey stepped in she was persistant, sendings me the continuous reminders and promtos that I needed to get things sort. She is also very felxible with communication using a cohintation of Whats App, SMS and calls. HIGHLY RECOMMEND!!
John Marling
John Marling
28 October 2023
I had some issues processing my Self Assessment Tax Return, and Stacey stepped right in knowing exactly what to do. Swan Books provides a secure web portal to allow me to upload all relevant documentation that Stacey needs to complete the process. I had some queries on the Summary and Calculation, which Stacey explained simply. I would 100% recommend Stacey and Swan Books, and will be using Stacey again in the future.
Nicole Dryden
Nicole Dryden
25 October 2023
Would highly recommend Stacey. She was super friendly in our initial chat and throughout my experience, put me at ease and answered any questions I had with quick response times. Will be using her services going forward without any worries!
Lottie Millington
Lottie Millington
14 September 2023
Stacey is absolutely incredible! Stacey has been handling my accounts for three years now, I’ve had many issues with the HMRC and stacey has handled everything for me with ease. Everything is done quickly and efficiently. I’m so grateful for Stacey how she’s taken a massive stress away from running my business and helping me grow my business and finances. I couldn’t recommend her enough
Liz Slade
Liz Slade
30 August 2023
Stacey @ Swan Books is really friendly, approachable and extremely efficient. She explains everything in an easy to understand way. I would 100% recommend Stacey to anyone in need of a great accountant!
Jordan Drummond
Jordan Drummond
30 August 2023
Very flexible and informative. Made everything very easy and straight forward for myself and made my tax situation a lot less stressful! Would recommend 😀
Lourdes Walsh
Lourdes Walsh
29 August 2023
Stacey did my books last tax year and I’m going to be using her every time! Professional, communicative & swift, while also explaining everything (numbers are not my forte). I’d recommend her again and again.
Emma Cook
Emma Cook
25 August 2023
Stacey is the best accountant we have would definitely recommend her to anyone, she’s so friendly and very helpful and always there to help us . Thank you for your hard work
Roxanne Hydes
Roxanne Hydes
7 August 2023
Stacey has been an absolute gem when it comes to providing advice on self-employment and tax. I had so many unanswered questions that needed detailed explaining, and she went above and beyond to make sure I got the correct information and that I understood everything. I would highly recommend Stacey to help you with all your accounting needs.
Anthony Fitzsimmons
Anthony Fitzsimmons
3 August 2023
Knows her stuff 👍
Stuart Wilson
Stuart Wilson
2023-02-02
Stacey has been fantastic, she does all my bookkeeping and submits all my tax returns. She has given me advise and is always there to answer my questions and provide support. Stacey has given me one less thing to worry about so I can focus on with running my business. 100% recommend Stacey!
Ross Cook
Ross Cook
2023-01-09
Friendly and extremely helpful. We had many questions about sole trading and Stacey was more than happy to help, even at 8pm in the evening!
Sharon Groves
Sharon Groves
2022-12-01
Stacey has been amazing in getting my books in order and submitting my tax returns. She has given invaluable advise and is always on hand to answer any questions and provide support. Stacey has been a god send and given me one less thing to worry about so I can get on with running my business. Thoroughly recommend Stacey!
Natalie Wooden
Natalie Wooden
2022-11-24
Stacey was so friendly and eager to help me from the start. Nothing was a problem. We did everything step by step and everything was taken care of for me. I’m so glad I found you Stacey! Thank you for your help and professionalism.
Looking Tidy
Looking Tidy
2022-07-20
Glad I found Swan Books! Stacey is super helpful and friendly, has helped me where needed and provided valuable advice. I'd have no hesitation recommending and will be back for all my book keeping in the future.
Emma Cook
Emma Cook
2022-07-20
We would definitely recommend Stacey she’s a lovely girl and very helpful and knows how to do her job very well , we are very happy 😃
Paula Buck
Paula Buck
2022-07-13
I was looking for a friendly yet professional accountant to help with my tax returns, Stacey is and did just that! Always at the end of the phone to help answer my “silly” questions. Politely chased me so i didn’t fall behind and made my life a lot easier and stress free. Highly recommend her.
Jodie Mckinnon
Jodie Mckinnon
2022-06-24
Thank you for being our accountant, highly recommended!
Istrate Adrian
Istrate Adrian
2022-06-24
I’ve been working with Stacey and she is extremely responsive , organised and efficient . I would recommend her services to anyone. Thank you for your support!!
Danny Newson
Danny Newson
2022-06-23
Brilliant So helpful with getting self assessment done and forming new company Would recommend swan books to everyone

Our Process

Initial Consultation

Understand your business, your challenges, and your aspirations.

Onboarding

Seamless integration with your existing systems, training provided if necessary.

Tailored Solutions

We propose a bookkeeping solution adapted to your unique needs.

Regular Check-ins

Periodic reviews to ensure your financials are on track and to address any concerns.

Year-End Finalisation

Ensure everything is aligned, compliant, and ready for HMRC submissions.

What Can a Sole Trader in the Construction Industry Expense?

Allowable expenses for a sole trader in the construction industry are business-related costs that can be deducted from your business income when calculating your taxable profit. Here are some common allowable expenses in the construction industry:

  • Materials and Supplies: The cost of building materials, tools, equipment, and safety gear used in construction projects are fully deductible.
  • Subcontractor Payments: Payments made to subcontractors or other tradespeople for work on your projects are allowable expenses.
  • Wages and Salaries: If you employ staff, their salaries and associated costs, such as National Insurance and pension contributions, can be claimed.
  • Vehicle Expenses: Costs related to your work vehicle, including fuel, insurance, maintenance, and the purchase of the vehicle itself, can be deducted. However, personal use expenses should be adjusted accordingly.
  • Tools and Equipment: The cost of purchasing or hiring construction tools, machinery, and equipment is an allowable expense.
  • Rent or Workspace Costs: If you rent a construction site or workspace, those rental costs are deductible.
  • Insurance: Premiums for business insurance, including public liability insurance and employer’s liability insurance, are generally allowable expenses.
  • Professional Fees: Fees paid to architects, surveyors, or engineers for professional services related to your projects are deductible.
  • Safety Equipment: Costs for safety equipment, such as helmets, safety vests, and protective gear, can be claimed.
  • Office Supplies: Expenses for office supplies, such as stationery, paper, and printer ink used for your business, are allowable.
  • Uniforms and Workwear: The cost of uniforms, workwear, and protective clothing for you and your employees is typically deductible.
  • Telephone and Internet: Costs for business-related phone and internet services can be claimed, but only the portion used for your business.
  • Training and Professional Development: Expenses for training, courses, and certifications related to the construction industry are often deductible.
  • Advertising and Marketing: Costs associated with advertising your construction services, creating a website, and running marketing campaigns can be deducted.
  • Accounting and Bookkeeping Fees: Fees paid to a professional accountant or bookkeeper to help manage your financial records are allowable expenses.
 

It’s crucial to maintain detailed records and receipts for all these expenses and any others specific to your construction business. When completing your Self-Assessment tax return, you can deduct these allowable expenses from your total income to determine your taxable profit.

As qualified construction industry accountants, Swan Books can assist you with all of the above. Be sure to get in touch to find out how we can take the hassle out of accounting for CIS Contractors.

Swan Bookkeeping, owned by Stacey Hooper, has been an invaluable asset to our business, Pembroke & Bull. Stacey's attention to detail and expertise in bookkeeping has been instrumental in keeping my financial records accurate and up-to-date. Stacey's commitment to providing exceptional customer service is evident in the way she communicates with her clients. She always takes the time to explain any questions or concerns I may have, and I never feel rushed or ignored. Her responsiveness and willingness to go the extra mile have been greatly appreciated. Overall, I would highly recommend Swan Bookkeeping and Stacey Hooper to anyone in need of a reliable, professional bookkeeping service. I am grateful for her hard work and dedication.
James Pembroke
Director - Pembroke & Bull

Our Pricing

At Swan Books, we tailor our pricing to fit your business’s specific needs. Our bookkeeping services ensure that your business finances stay up-to-date using leading cloud accounting software like Quickbooks or Xero. Whether you prefer monthly or quarterly updates, we keep you informed about your business profits consistently. We cover all areas of bookkeeping, ensuring thoroughness and precision.

The pricing for our bookkeeping services varies based on the volume of transactions each month. For a customised quote and a detailed breakdown, please contact us.

Registration

£ 45
00
  • Registration of you and your business self employment with HMRC.

Self Assessment Tax Returns

£ 250
00
Prices From
  • Preparation of tax calculation, preparation and submission to HMRC and financial statements
  • Prices may vary based on your business records. Please get in contact for a free consultation.

Bookkeeping

varies
  • Keeping your business finances up to date with cloud accounting software Quickbooks or Xero. Monthly or Quarterly updates providing you updates of business profits. All areas of bookkeeping undertaken.
  • Prices vary permitting to volume of transactions each month.

Books Clean Up

varies
  • If your accounts are in need of a tidy up and you want to upgrade your internal procedures for easier processes, you have come to the right place!
  • Prices vary client by client, please get in touch to discuss further.

VAT Returns

£ 175
00
Prices From
  • Quarterly VAT returns prepared and submitted with Making Tax Digital compliant software with all deadlines met.
  • Prices start from £175.00 per quarter

Power Hour

£ 65
00
Prices From
  • One to one power hour discussing your business accounting and how to make improvements to make your finances run more efficiently within the cloud software of your business alongside training on how to get the best of your software.

Payroll

£ 20
00
Per Payroll
  • All aspects of payroll processes ensuring all tasks are carried out by all deadlines and RTI compliant.
    - Weekly or monthly payrolls
    - Pension administration completed
    - RTI compliant with HMRC
    - Payroll year end service and reporting

Ready to take your business to the next level?

Book a Call