A Construction Services Company

June 14, 2022
Posted by: admin

Situation:

A medium-sized construction company servicing London and the surrounding areas. Their accounts were messy, as was the bookkeeping by their previous accountant. VAT returns, CIS and PAYE were late, and the directors did not know where they stood.

Tasks:

Bring the books up to date
File previous VAT returns, CIS, and PAYE.
Reconcile accounts receivable, accounts payable and ledgers, so that management know the actual balances due to suppliers/HMRC.

Actions:

Firstly, we built knowledge of the internal processes at the company. Then we:

Prepared summaries of all payments made to subcontractors.
Filed pending CIS returns.
Ran the payroll.
Filed pending VAT returns.
Reconciled full accounts.
Prepared and submitted the annual accounts and tax return.

Results:

The company’s bookkeeping and accounts were brought up to date.
The directors are happy and satisfied because there is no longer any backlog.
All statutory payments were made and further interest on the outstanding payments has been avoided.
The directors were able to get accurate reporting about their business’ financial performance.