Has Your Corporation Tax Bill Shocked You?
“Business doubled, profits soared—but our accountant warned us about the huge corporation tax bill after it was too late!”
It’s a familiar story. When your construction business thrives, increased profits naturally mean a bigger corporation tax bill. But here’s the crucial point—receiving this information after your financial year has closed leaves you powerless.
Why Late Corporation Tax Advice is Costly
When your accountant only flags your increased tax liability after year-end, you’re left with few options. Pension contributions, asset purchases, or other strategic tax-saving moves cannot be backdated. The result? You pay significantly more tax than necessary.
This reactive approach is outdated, expensive, and avoidable.
Two Ways Proactive Corporation Tax Advice Saves You Money
At our accounting firm, which specialises in supporting ambitious construction companies, we proactively identify tax-saving opportunities in two critical ways:
1. Pre-Year-End Planning
We hold dedicated pre-year-end sessions with our construction clients to predict year-end outcomes. During these sessions, we review:
- Estimated turnover and profits
- Potential tax liabilities
- Tax-saving strategies you can still implement before your year-end
This gives you valuable time and actionable advice to mitigate tax implications.
2. Monthly Financial Reviews
Our proactive, monthly monitoring approach means we constantly analyse your business performance, focusing on:
- Revenue changes
- Profit trends
- Cash flow shifts
If we see a sudden jump in profits or other significant changes, we contact you immediately—not months later when it’s too late.
Why Most Accountants Miss Crucial Corporation Tax Savings
Traditional accountants typically focus on compliance after the financial year has ended. However, today’s construction industry moves fast, and your accountant needs to keep pace.
Integrating real-time financial data and technology into our practice allows us to quickly spot opportunities and risks. That proactive insight can translate directly into significant tax savings.
Essential Questions Construction Businesses Must Ask Their Accountant
If you want to avoid tax shocks, ensure your accountant can answer ‘yes’ to these questions:
- Do you provide pre-year-end tax planning sessions?
- Do you regularly monitor and report financial performance monthly?
- Can you proactively spot tax-saving opportunities before year-end?
If they’re answering ‘no,’ it may be time to reconsider your accounting partnership.
Take Control of Your Corporation Tax Bill
As a construction company leader, your ambition deserves proactive financial management to match your goals. Avoid unnecessary tax surprises and maximise profits with timely advice.
To discover how our proactive, tech-driven approach could benefit your construction business, book a discovery call or visit us here.
