Core Services for Construction and Infrastructure Firms
Services for Construction & Infrastructure
Specialist construction accountants keeping you compliant and profitable.
CIS Bookkeeping
Bookkeeping configured to handle contractor and subcontractor payments, CIS deductions, and monthly return submissions.
CIS Submissions
Verifying subcontractors, preparing CIS statements, and submitting monthly CIS returns to HMRC to avoid heavy penalties.
Annual Accounts
Preparation of statutory accounts for construction companies, incorporating long-term contract valuations and WIP.
Domestic Reverse Charge VAT
Navigating the complex VAT Domestic Reverse Charge rules for building and construction services to ensure accuracy.
Project Costing & CFO
Detailed management accounts tracking individual project profitability, labor costs, materials, and retention cash flow.
Construction Software Setup
Implementing cloud accounting systems that track CIS, project margins, and timesheets on-site in real time.
How We Help Construction and Infrastructure Firms
Flawless CIS compliance, subcontractor verification, and monthly submissions
Correct application of the complex Domestic Reverse Charge VAT rules
Real-time project costing and tracking of retentions and cash flow
Accurate year-end accounts incorporating long-term contract WIP valuations
Frequently Asked Questions
What is the Construction Industry Scheme (CIS), and does it apply to us?
The CIS requires contractors to deduct tax from subcontractors’ payments and pass it to HMRC. If you hire subcontractors for construction work in the UK, you must register as a contractor and file monthly CIS returns. We manage this entire verification and filing process for you.
How does the Domestic Reverse Charge VAT affect construction firms?
The Domestic Reverse Charge VAT applies to most UK building and construction services reported under CIS. It means the customer (contractor) accounts for the VAT rather than paying it to the subcontractor. We ensure your invoices are formatted correctly and your VAT returns are fully compliant.
How do we handle contract retentions in our cash flow and accounts?
Retentions (typically 5% of contract value held back until practical completion) can squeeze cash flow. We ensure your accounts track these retentions separately, ensuring you recognize income at the correct stage and proactively chase outstanding retentions when due.
What is the difference between gross payment status and net status under CIS?
Subcontractors with Gross Payment Status receive payments without any CIS tax deducted, which is highly beneficial for cash flow. To qualify, you must pass HMRC’s turnover, business, and compliance tests. We help subcontractors apply for and maintain Gross Payment Status.
How do we value long-term construction contracts in our year-end accounts?
Long-term contracts must reflect income and costs based on the stage of completion at the balance sheet date, rather than waiting until the project ends. We help you calculate progress percentages and value WIP accurately to ensure your year-end accounts are realistic and compliant.
Talk To Us
We are here to make business feel clearer and easier, starting with a simple conversation. Whether you need a new accountant, specialist advice or wider support from the Nuvo team, we would love to hear from you.