Compliance and Tax

Set your financial records in order, optimise tax compliance and access precision bookkeeping as we challenge your current “now”.

What is essential financial management?

It is important for the financial health of your business to get the right processes in place and precisely understand the cashflow through your business. Where payroll, compliance or precision bookkeeping is required to help you gain this understanding and track progress against your financial goals, you can rely on the Prevail team to give you the support you need.

We do not offer standalone bookkeeping, compliance or payroll services. However, as part of our early-assistance Snowdon service, we have the expertise inhouse to support you with these tasks.

Snowdon is one of our Compass management accounting services – all designed to help ambitious small businesses working in the construction industry set goals, plan and chart their path to growth.

How can Prevail help with essential financial management?

Prevail is flexible in the support we offer to help you chart your early direction:

  • We can assist with the systematic recoding and organising of your company’s financial transactions, helping you put the right systems and processes in place to make the day-to-day recording a breeze.
  • We recommend the Xero cloud-based accountancy software, which supports you in digitalising and automating many day to day bookkeeping tasks, including dealing with receipts and invoices and reconciling bank accounts, credit cards and PayPal payments.
  • We will take a forensic approach to reconciliation and challenge you on every penny spent so you can identify any issues or problems early before they become a blocker to the financial good health of your business.
  • We can help you to account for costs and taxes accurately and ensure employees are paid accurately and on time.
  • We support you to ensure that your business complies with all relevant financial regulations and laws, including tax, employment and industry-specific regulations. Detailed and accurate financial records are essential for audits and in meeting legal requirements.

What are the common pitfalls for construction industry businesses?

It can be hard as a small business owner to keep on track with your day-to-day financial records. And once you fall behind, it is incredibly difficult to catch up.

In addition, modern tax returns are increasingly complex. Prevail helps small and mid-size construction industry businesses to meet tax obligations in a simplified and efficient way. We can help with incorporation and tax registrations for startup businesses. We offer advice and guidance on a range of construction industry related schemes, including the Construction Industry Scheme (CIS), minimising the tax on company vehicles, selecting the most appropriate accounting treatment for work in progress on building contracts, and research and development or innovation credits.

You can rely on our guidance to give you the peace of mind you need.

What do customers say about Prevail’s essential financial management services?

“The tax savings have been absolutely fabulous.” – Nick Bamber, NTB Survey.