Apr 9 2019 Construction Sector Uncertainty Categories: Property & Construction Construction is an important part of the UK economy and often serves as an economic barometer. Although the second half of 2018 was tough for the UK construction sector, recent data has shown signs of improvement. Although the UK Construction Output was expected at -0.3% for January 2019, it was reported at 1.8%. This is a vast more
Mar 8 2019 Construction company vehicles – How much tax relief can you claim? Categories: Property & Construction When it comes to claiming capital allowances, there seems to be some uncertainty, especially knowing which vehicle expenses are tax deductible. The first question that needs to be considered is – what type of vehicle do you need for your business? Heavy plant/machinery vehicles (Cranes, Bulldozers, Forklifts, Excavators,Diggers and any heavy-duty vehicle, specially designed for executing more
Feb 22 2019 Construction in 2018/19 Categories: Property & Construction With the Brexit deadline fast approaching, and with it the continuing uncertainty, the UK construction industry output for 2018 is expected to be lower than 2017. 2018 has been a challenging year, with the Carillion collapse at the start of the year having a domino effect on the sector, resulting in an increase in the more
Jan 18 2019 Making Tax Digital – How does it impact the construction industry? Categories: Making Tax DigitalProperty & Construction Now that the festivities are over, and the new year is here, January is a month where we start thinking about the year ahead. One of the biggest changes, from a tax perspective, is the introduction of Making Tax Digital (MTD) from 1 April 2019. The attitude that many were taking was that HMRC would more
Nov 16 2018 Capital Allowances for Structures and Buildings Categories: Property & ConstructionTaxation The Chancellor announced at the 2018 budget that the government will introduce a new Structures and Building Allowance (SBA) for new non-residential structures and buildings. Relief will be provided on eligible construction costs incurred on or after 29 October 2018. The key features of the SBA are – Relief to be given at a flat more
Sep 17 2018 VAT changes within the construction sector coming late 2019 Categories: Property & Construction VAT fraud within the construction sector is costing the Exchequer around £100m a year with the cases of fraud generally occuring between the sub-contractor and the contractor. The sub-contractor provides the contractor with labour and charges VAT on the supply. The sub-contractor collects the VAT from the contractor, but then disappears without paying it over more
Jul 31 2018 Recognising profits and losses on construction contracts Categories: Property & Construction With a number of high profile construction companies recently going in to liquidation, it is a reminder that no matter what size of business you are, the need to keep accurate financial records on your construction contracts is paramount. Outcome if the contract can be estimated reliably If the outcome of a construction contract can more
May 21 2018 Tax and financial planning for the purchase of equipment Categories: Property & Construction Investing in more expensive, quality equipment rather than purchasing cheaper equipment that requires regular repairs, is not a new theory, but one that is still not fully embraced by companies working in the construction industry. In the long run the cheaper equipment can end up costing companies more money and inconvenience, in terms of unplanned more