Accounting for trades people |
|
 |
Trades People and Tax Accountants
If you are in a building or trades industry you need an accountant/partner who understands your business needs.
We at BT Corporate Advisory Pty Ltd appreciate the special nature of trades including the importance of cash flow, budgets, debt collection, follow ups on quotes, timely invoicing, proper job costing, progress payments and paying sub-contractors and employees. On top of that you have the usual small business compliance issues of Income Tax, GST, BAS, PAYG and Superannuation.
Your hard work and physical demand very often means that one of the most important aspects of your business is neglected. This of course refers to some of the matters discussed above. As a result we find, time and time again, many trade people pay too much tax, miss compliance deadlines, miss legislative obligations and expose themselves to substantial fines, interest penalties or worse. |
|
Experience in Trades & Services Industry
We have over 16 years of experience servicing clients across a broad range of trades. Over the years we provided assistance and accounting services to many clients including qualified builders, labourers, electricians, plumbers, painters, carpenters, decorators, landscaper and gardeners, roofing specialists and many others in the construction and building industry.
Business Structure for Trades and Builders
When establishing your business it's important to seek sound professional advice from qualified accounting and legal sources. Your business success is of most importance to us and we will assist you accordingly. The link below is useful when selecting your structure:
http://www.ato.gov.au/print.asp?doc=/content/00182084.htm
When talking to our building industry clients we discuss and advise them on the following topics:
- Choice of Business Structure
- Record Keeping Requirements
- Accounting Software Options
- Tax and Business Registrations
- Buying a Business (if applicable)
- Business Insurances
- Employer Obligations
- Legal Issues
- Permits & Registrations
- Claiming Motor Vehicle Expenses
- Vehicle & Equipment Finance Options
- Business Plan Preparation
- Cash Flow Budget Preparation
Accounting Software For Builders and Trades People
There are numerous options for accounting software in the market place. However we don’t want our clients to end up with a software that doesn’t meet their needs. Sometimes using a software that is too advanced can mean extra costs and headaches. The opposite can also mean inadequate accounting records. At BT Corporate Advisory Pty Ltd our experts will advise you about your options and assist you in implementation. All that with a keen interest and a friendly smile.
What can you Claim for your Trades/Construction Business?
Generally if running a business you can potentially claim expenses 'necessarily incurred in deriving your assessable business income' including:
- Building Equipment and Instruments*
- Building Accessories (minor tools etc)
- Building Supplies
- Books and Other Publications
- Subscriptions to Building and Related Publications
- Travel Costs
- Construction Costs
- Promotional Material and Advertising
- Office Supplies & Stationery
- Postage
- Website and Internet Costs
- Rent
- Membership of Professional Bodies
- Professional Fees (Solicitor, Manager, Agent and Accountant)
- Training Costs
- Accommodation Expenses on Travel
- Home Office Expenses
- Insurance
- Phone
- Equipment Hire Fees
*Depreciation is claimed over period on some of the items above.
At BT Corporate Advisory Pty Ltd we are experienced in all matters involving in running a successful trades business. We understand what it takes to progress from a sole trader to a company that employs dozens of people. Just like you, we recognise the need to deliver timely, quality advice and services as well as due care and keen interest to customer’s needs. Our approach is personal and you will enjoy support, guidance and accessibility together with cost effective strategies and solutions. It only starts from $100+GST per quarter (conditions apply) so your cash flow and profitability is not materially affected.
Best of all we are here to guide you all the way!!! Talk to us today about your construction business.
|
