Construction and Property
Construction and property is crucial to the UK’s economy, contributing 6.3% of GDP. Perhaps even more impressive is the fact that the industry represents 8% of all UK employment. In November 2013 the sector expanded at its fastest rate since August 2007. For the sixth successive month the sector has created additional jobs.
The industry consists of around 300,000 firms including many small and medium sized family and local businesses. The most successful players in this sector have typically moved quickly to capitalise on opportunities whilst having a keen appreciation of downside risk and how to protect themselves against it.
Over the last 20 years, Kirk Newsholme has developed a strong local reputation for our specialist skills in this sector, based on a deep knowledge of the commercial, regulatory and financial environment in which firms operate. Our construction and property client base represents all aspects of the construction industry value chain, including:
- Property investment companies
- Professional services firms
- Property developers
- Civil engineering contractors
- Commercial and residential contractors
- Allied trades and material & plant suppliers.
Kirk Newsholme’s extensive network of professional sector specialist contacts also sets us apart from many practices. This network enables us to deliver a highly effective service, built on sound all-round commercial experience and expertise.
Meeting the challenges
Construction and property firms are faced by some of the most complex accounting, taxation and regulatory requirements within any UK sector. Commercial risk is also a key consideration. Kirk Newsholme’s expertise has helped us to steer clients safely through the myriad of unwelcome and costly pitfalls for the unwary. Typical of these are:
- The application of specialist accounting standards and UITF statements
- Development of reliable job and project costing systems
- Control of working capital and cash management
- Obtaining finance for projects
- Restructuring to isolate higher risk areas of business
- Forward planning to avoid complex VAT traps on property transactions
- Maximisation of capital allowances on the acquisition and disposal of buildings
- Developing suitable tax-efficient structures for joint ventures
- Ensuring compliance with construction industry scheme rules and maintenance of gross payment status
- Attacks by HMRC on the employment status of operatives
- Cost-effective compliant payroll services
- The need to develop tax-efficient exit strategies for business owners
- Inheritance tax planning to mitigate potential liabilities
- Extraction of profits in a tax-efficient manner
The construction and property sector is not only of key importance to the national economy of the UK, it is also vital to the economic health and employment prospects of our own region.
Making the most of opportunities
There are still great opportunities for local firms who understand the nature of risks in a challenging marketplace. One of the keys to success is to choose the right advisors. We at Kirk Newsholme are proud of our reputation as straight talking and proactive advisors to SME’s in the construction and property sector. We understand that now more than ever, businesses require ‘hands on’, value-for-money expertise – delivered in a timely manner by approachable individuals with genuine specialist knowledge.