Many tradesmen and contractors require accountants to manage their finances. Being a self-employed tradesman or limited company contractor allows full flexibility over working hours and the amount and type of contracts taken on. However, it also comes with the added worry of being responsible for your bookkeeping and finances. An accountant for tradesmen and contractors can take this stress away.
Manage VAT Returns
An accountant can advise you on your basic VAT obligations as well as the VAT obligations of any transactions you’re doing. They can also take charge of day-to-day VAT compliance and all interaction with HMRC, so that you can focus on your trade instead of tax returns.
An accountant for tradesmen will ensure that you are confident in understanding exactly the amount of tax you have to pay, how to pay and the deadline for payment, whether you are a plumber, carpenter, painter, builder, or electrician.
Filing VAT returns can be complex, with the potential for things to go wrong if you do not completely understand the process. Accountants for tradesmen take away this worry. With years of experience managing VAT returns for those who are self-employed and those in limited companies or partnerships, they are the best ones for the job.
As well as managing VAT returns, accountants for tradesmen can ensure that everyday bookkeeping is complete and up-to-date. Bookkeeping is the recording and organising of all financial activities, and is vital for maintaining a successful business and staying on top of the jobs you are undertaking.
At Steele Financial, we use Xero accounting software for all our clients. Xero streamlines all financial admin processes and even has an app for the easy upload of any receipts and invoices. Gone are the days of sorting through endless paperwork or worrying about misplacing key bits of information.
Forecasting is an essential part of any business. Accountants ensure that, as a tradesman or contractor, you understand how to maintain financial security in the future. This may be something of concern as, with many being self-employed, there comes the possibility of irregular jobs, tax pressure, and no sick pay or annual leave. Accountants can work to minimise financial insecurity and reassure tradesmen and contractors that their business will remain successful and profitable.
At Steele Financial, our accurate forecasting services can improve your cashflow planning and help you make informed decisions. It can also help future-proof your trade business for a variety of scenarios, from Covid-19, to fluctuating taxation rates.
With any good accountants for tradesmen and contractors, financial advice is provided. Financial advice can take on many forms, from helping navigate the best options for lenders in the construction sector, to putting together new goals and strategies.
As a tradesman or contractor, being as risk resilient as possible is vital in this day and age, where Covid-19 and a rising cost of living has made running a business in the construction industry increasingly difficult. Accountants can provide advice that leads to better financial wellbeing, making for happier and healthier tradesmen.
Ensure HMRC Compliance
Most importantly, accountants for tradesmen and contractors will ensure total HMRC compliance for you and your business. Going through HMRC can often be complicated and time-consuming, and it is advantageous for your accountant to do this for you so that you can spend more time working on what you love.
At Steele Financial we are experts in the Construction Industry Scheme (CIS) and work with you to ensure that you are fully compliant with HMRC. Our experienced accountants understand the process inside out and can get it completed whilst also keeping you in the loop.
If you are a tradesman looking for an accountant to help manage your finances, get in touch.