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Managing finances in the construction industry can be challenging, especially when it comes to taxes. The Construction Industry Scheme (CIS) is one of the key regulations every construction business owner must understand. Designed to ensure that subcontractors pay the right amount of tax, CIS affects how contractors and subcontractors handle payments and deductions.

Managing finances in the construction industry is no small task. As one of the most heavily taxed sectors, construction businesses must navigate a web of taxes: Corporation Tax, PAYE, National Insurance, CIS (both deductions and sufferings), VAT (with varying rates), and even personal taxes like income tax and dividend tax.

As an accountant, I frequently encounter videos and guides that focus on tax planning: basic tax-saving tips: tax bands, rates, dividends, and ways to reduce your overall liability. These topics are undoubtedly important, but they’re the fundamentals—topics your accountant should already be addressing automatically.

We’re ready to take our support for the construction industry to the next level. With the right resources already in place, we aim to assist businesses that feel underserved by their current accountants, offering the expertise and care they deserve.

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I was there with an insolvency practitioner, as the business is now uncertain whether it can survive.

The construction industry is no stranger to challenges. Fluctuating material costs, labour shortages, and changing market trends mean staying competitive requires more than skilled labor and excellent project management. Accurate financial data is the foundation for making informed decisions and ensuring long-term success.

If you’re a construction business owner operating under the Construction Industry Scheme (CIS), you’ve likely come across the term “gross payment status.” But what does it mean, and is it worth applying for? In this blog post, we’ll explore what gross payment status is, its benefits, and how it could transform your business’s financial operations.