Common Income & Expenses
- Income: Building contracts, subcontracting work, renovation and extension projects
- Expenses: Materials, subcontractors, tools, fuel, public liability insurance
We help you keep a clear split between materials, labour, plant hire and overheads so that your job margins and taxable profit are easy to track and explain to HMRC.
HMRC Allowable Expenses & Deductions
- Tool and machinery costs (capital allowances where applicable)
- Protective clothing, boots and safety equipment
- Vehicle use, fuel, insurance and running costs (company vans and mileage where relevant)
- Phone, stationery and job-site utilities
- Subcontractor payments (with CIS deduction if applicable)
Tax planning focus:
- CIS gross vs net registration planning
- Flat Rate VAT vs standard VAT for construction services
- Optimal director salary and dividends strategy for your trade company
- Timing of capital investment (vans, tools, larger equipment)
Compliance Overview
- Preparation of year-end accounts and CT600 corporation tax return
- Companies House accounts and confirmation statement reminders
- VAT returns and Making Tax Digital-compliant records
- Payroll for directors and site staff
- CIS monthly returns and verification of subcontractors
What We Need From You
- Bank statements (business account and any construction merchant accounts)
- Sales invoices, contracts and job summaries
- Purchase invoices from merchants, plant hire, fuel and other suppliers
- Subcontractor invoices and CIS statements
- Details of any finance agreements (vans, equipment, etc.)
Once we receive your records, we reconcile income and expenses, calculate corporation tax, check CIS and VAT positions, and file everything with HMRC and Companies House on your behalf.