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Building blocks to better accountancy in Construction

Name: J. Jervis Accounting Services
Address: 37 Crogen, Wrexham, LL14 5BN, GB
Telephone: 01978 515568

Accountancy Tips

September 02, 2024•1 min read

At J.Jervis Accounting, we have compiled some of the latest construction news to keep you informed.

We understand the construction industry is unique and, therefore, has very specific accounting and financial requirements. The UK government plans to introduce a raft of changes,, including the forthcoming VAT domestic reverse charge (postponed until 2021), new processes for submitting tax returns (via Making Tax Digital), and requirements for processing payments in the Construction Industry Scheme (CIS).

Working In the construction industry? 👷‍♀️👷‍♂️🏗 You might find this article on CIS 340 and changes that are being implemented an interesting read ⬇️

About J.Jervis Accounting Services LTD: With a proven track record of business problem-solving, attention to detail and a passion for customer service – we help businesses through efficient bookkeeping 📚

Every customer is valued, no matter how large or small the business is. We lov small businesses.

If you are interested in knowing more about our services, please do not hesitate to contact us: [email protected] 📥

J. Jervis

With 25 years of experience spanning two diverse industries—construction and the charity/voluntary sector—clients seek our expertise to alleviate the burden of tax-related concerns. By entrusting us with their financial matters, they are able to focus on growing their businesses, assured that their month-end and year-end processes will be streamlined and stress-free.

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FAQ

What is the difference between bookkeeping and accounting?

Bookkeeping is the process of recording financial transactions and preparing financial reports. Accounting is a broader term that encompasses bookkeeping, as well as other tasks such as financial analysis, tax planning, and auditing.

What kind of businesses do you work with?

We work with a variety of small businesses, including restaurants, retail stores, professional services firms, and online businesses.

What are your qualifications and J Jervis Clients Experience?

All of our bookkeepers are qualified and experienced professionals. They have the necessary training and experience to provide accurate and reliable bookkeeping services.

Do I need an accountant for Self Assessment, and when is the Self Assessment deadline?

Yes, an accountant can help with self-assessment. You must file your tax return online by 31 January after the tax year. They ensure accurate submissions, maximize allowances, and help you avoid penalties.

How often must I submit VAT Returns, and what records should I keep?

Most VAT returns are submitted quarterly. You are required to maintain digital VAT records and submit your returns using compliant software. We ensure that records are accurate, reconcile VAT, and submit VAT returns on time.

Do all VAT-registered businesses need Making Tax Digital (MTD) for VAT software?

Yes, all VAT-registered businesses must comply with MTD for VAT. This means you must keep digital records and file your VAT returns using software. We offer MTD-ready systems, training, and ongoing support for VAT compliance.

How do payroll services and RTI submissions work for small businesses?

Payroll services assist small businesses by calculating employee pay and deductions and issuing payslips. Under Real Time Information (RTI) rules, employers must report payroll to HMRC on or before payday. We ensure accurate payroll management and submissions.