As a family-run accounting firm, we understand the effort and determination you pour into each and every project. That’s why we’re here to help you make your trade business more profitable and easier to run.
The trades are booming, so if you’ve got your ducks in a row from a business point of view, then you should have a VERY profitable business that doesn’t take up too much of your time or cause a lot of stress.
Welcome to Archimedia Accounts, tradesmen accountancy services
At Archimedia, we’re here to lay the foundations for good-quality accounting and a successful business. Our specialist accountancy firm is built on years of tax planning and accounting experience. Our owners, Barbara and Chris, are successful entrepreneurs and accountants with an impressive property portfolio spanning 30 years. Barbara is also enthusiastic about helping other business owners like you secure your financial future by exploring whether you could invest in properties now or in the future.
Contact us today to find out how we can help you as your accountants for tradesmen and women.
- Accountants for Electricians
- Accountants for Bricklayers
- Accountants for Carpenters
- Accountants for Joiners
- Accountants for Plumbers
- Accountants for Builders
- Accountants for Roofers
- Accountants for Painters and Decorators
- Accountants for Landscapers
- Accountants for Scaffolders
How does accounting work for trade businesses?
Trade businesses have similar accounting needs to all other businesses. The only noticeable difference is CIS and VAT reverse charge. At Archimedia, we ensure all the compliance is covered before helping you save as much tax as legally possible for your business and your family. We’ll also help you decide whether to register as a sole trader or limited company and the potential benefits of each option.
Aside from the important tax and accounting services, our team will help you improve all aspects of your business to keep it running smoothly without wasting time, effort or resources. We can also utilise our experience to help you build a successful property portfolio if you are interested in investing.
Our accounting services for tradespeople
Whether you’re a self-employed tradesman, running your own business as a limited company, or simply looking for a bit of advice on where to start, we’ll be able to answer your questions and help you make tax-efficient savings along the way.
We can help you with all areas of corporation tax, VAT returns, payroll and CIS tax. Let’s take a look at what our accounting services for tradespeople can do for you.
Bookkeeping
Bookkeeping isn’t processing invoices. Bookkeeping means taking all the activity done in your business and representing that in accounting software.
When Archimedia does bookkeeping for you, all you have to do is send us your expense invoices with our app and connect your bank to the accounting software – we’ll take care of everything else. You’ll benefit from being able to log in each month to see where you’re at with your profits and compare them to previous months.
CIS accounting
CIS is a bit of a minefield. At Archimedia Accounts, we ensure that you are fully compliant with HMRC. This means everything is filed correctly and on time, and you know exactly what you need to pay HMRC and how.
If you’re a subcontractor, we’ll ensure you’re doing everything you need to. We also provide all the usual subcontractor statements if you’re a contractor.
Payroll
Payroll is something that seems simple but is often a more complicated process. At Archimedia, we set up and run your payroll scheme for you, submitting everything necessary to HMRC and sending payslips directly to your staff if you have any. We also, of course, let you know exactly when and what to pay HMRC.
We’ll also explore the potential tax benefits of setting you up on a payroll as a Director of your limited company.
Self-assessment tax returns
At Archimedia Accounts, we don’t just want to save your business tax, it’s about you and your family as a whole, and the self-assessment (or personal) tax return is the best place to do this. We’ll even learn about what you want to do in the next ten years, so we can structure things from a tax perspective now to save you as much tax as possible in the future.
VAT returns
As professional accountants for tradesmen, we understand the ins and outs of VAT returns, which is important for ensuring your business stays compliant while maximising your VAT benefits. Whether it’s decoding confusing receipts or keeping up-to-date with the rules and regulations, we’ve got you covered.
At Archimedia Accounts, we understand that VAT tax planning is very important to your business. We will ensure your VAT returns are on time and utilise all opportunities to help you save and grow as a trade business.
FAQs
To understand more about what we can do as accountants for tradesmen, then take a look at our most frequently asked questions below or speak to an expert today.
How does the construction industry scheme apply to trade businesses?
The construction industry scheme (CIS) was put into place to ensure proper compliance of tax and National Insurance contributions within the construction industry while also giving more control to the Government.
If you’re a contractor or hire subcontractors within your trade business, then CIS rules can come into play. Instead of the subcontractors paying HMRC tax on the work they do for a contractor, HMRC requires the contractor to collect the tax and pass it on to them. That’s essentially it in a nutshell.
What this means for you is that if you act as a subcontractor or use subcontractors, there are compliance requirements to HMRC. Without getting into all the details, contractors need to submit to HMRC the labour and materials figures of all the individual subcontractors they use each month. Subcontractors will need to register with HMRC and present the CIS details on their invoices accordingly for the contractor.
Does a tradesperson need an accountant?
Asking a tradesperson if they need an accountant is like asking a homeowner if they need an electrician to rewire their home. Technically, these trades and services can be attempted by any individual, but to really succeed in what you are trying to achieve, hiring a professional is always your best bet.
Limited companies’ accounts can be much more tricky in terms of financial and tax law, so looking for a specialist accountancy firm will really push you in the right direction as you plan to grow. Archimedia’s accounting services are tailored to your unique business and life situation. We become a master of understanding what you want to achieve financially and business-wise. Ultimately, we’ll help you save as much tax as legally possible so that our service practically pays for itself.
What records do tradespeople need to keep?
Like all businesses, trade businesses need to keep seven years’ worth of records for all sales and purchase invoices, bank statements, and year-end accounts. These records not only ensure compliance with all aspects of company tax and accounting but also help you work alongside your accountant to make better decisions and grow.
