The business of Real Estate comprises selling, buying, and renting from commercial buildings to domestic ones while the business of construction is the practice of building infrastructures, domestic and commercial buildings, and roads. In both businesses, the need for strong cash management and account management is essential as it helps businesses to make perfect strategies to make growth and gain maximum instead of facing legal complexities and penalties.
Key Challenges for Real Estate and Construction Sector
Like other industries in the UK, real estate and construction sector also have to face many challenges such as;
With the increasing number of businesses or companies in this sector, the competition among the real estate and construction firms is increasing, and it is becoming difficult for new comes to stay competitive in the market. This is one of the leading concerns that may lead the respective businesses to fail in meeting their compliance regulations and taxation deadlines and can result in heavy penalties and surcharges.
Tax Planning Management Issues
A lot of the businesses in this sector are facing troubles due to failing to meet the set deadlines or submitting their returns accurately. Without expert accountants like ProAccountax, it might be hard to stay focused on business growth as well as meeting the legal needs such as CGT, IHT, and other taxation matters that are essential to fulfill to avoid legal complications or fines by the respective authorities.
Records Management Issues
Real estate and construction sector is quite a busy one where companies do not have enough time to deal with the cash flow management and other records that may cause trouble for preparing appropriate tax returns as well as claiming for VAT from HMRC and other relevant benefits from the government. According to the UK’s Companies Act, every registered business is essentially required to maintain its expense and income records and file tax returns accordingly, in other words, these businesses require professional accountants to cope with such troubles to stay complied with rules and regulations set the respective authorities.
Perfect Solutions by ProAccountax
ProAccountax has been serving a broader portfolio of clients from diverse industries and sectors. Our team of accounting and taxation experts has deep knowledge of issues and problems in accounts management in the real estate and construction sector and is equipped will all the required expertise and skills to deal with them. By having a wider understanding of the real estate and construction sector, our professionals can help clients to make the most of their projects regardless of the manifestation of stimulating rules & acquiescence charter.
Our expert accountants understand the key issues that companies from the real estate and construction sector may face and are proficient enough to withstand accountancy assistance and tax consultation.
Key Benefits of Outsourcing Accounting services to ProAccountax
ProAccountax can facilitate you in the following ways.
Real estate and construction business owners can face growing stresses by the tax authorities because of higher tax relief rates on such services and mortgage interest disbursements, which are also boosting the tax liabilities every year. ProAccountax is there to facilitate you in dealing with these issues and to stay focused on the other productive aspects of your businesses.
The UK government is becoming further sensible on tax elusions in the construction industry because of the massive influence on the GDP of such an industry that requires better monitoring to confirm tax acquiescence than formerly for owner-managed companies. It is feisty to register in the Construction Industry Scheme for all suppliers, and sub-contractors with the purpose of taxes are taken at the exact rate. Outsourcing accounting services to ProAccountax can help you coping with these issues efficiently as our accountants and tax solicitors are knowledgeable enough to provide you up to the mark solutions to keep you complied with the respective tax regulations.
Cash flow Management and Strategic Planning
It is highly effective to pay exclusive attention to planning, making decisions, and executing plans to accomplish the desired results in terms of profit, cost, and duration. It is more significant in the presence of recession because of rising capital outlays and higher levels of competition impacting bids. These aches must have positioned greater importance on the necessity for enhanced controls on the planning procedure for both projects and businesses.
Either you are running a small-sized enterprise or a massive business venture in the real estate and construction sector; our accountants are up to the mark to deal with your accounting and taxation matters nu-beatably. We offer an industry-specific package of bookkeeping and business consultation services along with taxation management. Being a wise and rational business owner, what are you waiting for? Just ask our accounting and tax experts to get desirable service packages tailored to the necessities of your business and industry.