Property Development
Given the extensive property accounting and tax regulations in the UK, it can be confusing to navigate. Jan McDermott Chartered Accountants can help.
Get StartedWhy do property developers need an accountant?
When you’re trying to focus on your property development projects it’s easy to end up paying more tax than you need to. This is why having an experienced property development accountant on your side is so beneficial and important.
Whether you’re new to property development, or a seasoned developer with many property developments, we can help you with all your tax and accounting needs. Navigating the financial requirements of property developments isn’t always easy but with us as your reliable, long-term accounting partner, you can feel fully assured that your accounting is in good hands, and you have the time to focus on your properties.
How can our accounting services help you?
Jan McDermott Chartered Accountants have many years’ experience in accounting for property developers and specialise in various areas that can be beneficial to you. We understand the high level of work, time, and effort into being a property developer and that’s before you try and add accounting and tax obligations into the mix.
Staying on top of bookkeeping, meeting tax deadlines, checking your tax submissions are accurate, and making the most of your tax allowances are just some of the ways Jan and her team can help you. See some of our specific services below.
Construction Industry Scheme (CIS)
If you’re working as a contractor or sub-contractor in the construction industry, you are required to register for the scheme as applicable. Our specialist accountants can help you meet the requirements of the scheme effectively.
Corporation tax
Corporation tax is a tax that all registered companies in the UK are required to pay. It has to be paid within nine months of the accounting period and your tax return needs to be filled out accurately. It is extremely important that businesses in the construction industry understand their requirements for corporation tax.
Regular management accounts
Regular management accounts are an important report on the financial performance of your construction business. They are produced monthly or quarterly as this offers an accurate view of how your business is doing with plenty of time to make adjustments if needed. If you’re a limited company in the construction industry you will submit annual accounts to HMRC, to determine your corporation tax requirements for the year.
Virtual FD
A virtual finance director can provide strategic planning advice in the regularly evolving landscape of the construction industry as well as help to oversee the financial management of your business. As your accounting partner, our virtual FD service takes the pressure of managing your finances away so you can focus fully on your day-to-day work.
Reverse charge
The implementation of the VAT reverse charge for building and construction services took effect in 2021 and is applicable to businesses registered for VAT in the construction industry scheme (CIS). Consequently, subcontractors within the scheme are not required to add VAT on invoices issued to VAT-registered contractors who are also part of CIS. Instead, the contractor will include the VAT amount in their VAT return as both Output VAT and Input VAT.
How We Can Help
Unlimited professional advice
Your dedicated property development accountant from our team will be on hand to answer questions and offer advice to support your business growth and development.
The personal touch
When you’re one of our clients we will get to know your business in detail to understand your challenges and help you overcome them with a warm and friendly approach.
Real-time data anytime you need it
Our financial capabilities mean you can have access to real-time financial data and key figures so you can confidently take your property development business to the next level.
Alan Robson
They provide us with a fully outsourced finance function so that our own team can focus on our business. They implemented Xero software from day one of the company meaning that we have real-time visibility of our business at all times, The monthly management accounts meetings we have with Jan really add value to decision-making and strategic planning and we wouldn’t be without them.
Peter Broxton
Their professionalism, expertise and client care are outstanding and they have supported our growing business no end. They look after everything from our bookkeeping, VAT, annual accounts, as well as claiming Research & Development tax relief, preparing budgets and forecasts and assisting with grant claims. The whole team are always responsive, friendly and reliable and we wouldn’t hesitate to recommend them to anyone looking for a trustworthy and efficient firm to look after their business finance requirements.
Scott Hackett
I moved my accounts over to Jan at the beginning of the year and have been extremely impressed with her attention to detail and precision. She’s made it easy for me to understand and manage all the key aspects of my accountancy, as well as offering useful suggestions of ways to improve and make things work more efficiently for me and my business. I’d highly recommend Jan and her team to anyone looking for professional, friendly, and reliable accountants that truly get to know you and offer a tailored service.”
Alistair Evans
Jan McDermott & Co have been our accountants for over 15 years and have not only ensured our accounting records are accurate and legal, but also provided us with first class advice to help us grow. They recommended our move to Xero accounting software which has revolutionised our business, allowing us to create predictable income through the use of Go Cardless Direct Debits, and streamlining our day to day accounting operations. Jan and her team are friendly, easy to work with and take time to understand a particular problem or situation. I wouldn’t hesitate to recommend them to any business that wants an accountancy firm they can grow with and depend on.