Type of business
About the client
As a newly established Property Development company the business had been registered with Companies House and three properties had been purchased. The necessary permissions had been applied for to refurbish two of the houses and the third was to be demolished with a view to building eight new houses.
The plan was to work on all the properties simultaneously using a team of subcontractors and one of the Directors project managing.
The second Director would deal with the finances, marketing, and interior design on each project.
Time was one of the biggest issues as neither director had spare capacity. Both felt that their time would be best spent being on site and hands on, rather than dealing with the administration.
How we helped
The first stage was to organise the paperwork, register and verify all the subcontractors with HMRC. A system to monitor the costs per property, VAT and general accounting information was introduced. All the major suppliers were contacted and accounts set up so that all suppliers could be paid by invoice monthly.
We took responsibility for all the CIS payments and returns ensuring that all subcontractors received the necessary statements of earnings in good time. Similarly, the VAT returns were also dealt with by us.
A weekly meeting was scheduled to discuss bill payments, project costs and to handover relevant paperwork. Standard reports gave the Directors the information they required regarding budgets versus actual costs and as we made all the payments online, we were able to update them on the account balances too.
A personal email and a mobile number was issued to the client so they had a point of contact for weekends and evenings, for queries and to delegate administrative tasks to. This allowed them to use their time effectively, managing the projects on site and ensuring their other business commitments were not compromised.
Where we are now
The company worked on their final project and was finally wound up in 2020 making an excellent profit for both the Directors.