Construction Industry Accounting News

Building and construction companies are taking two days longer to pay their bills at the beginning of this year than they did for the same period last year according to Experian. Generally, firms paid their bills 25.2 days late on average during the first quarter of 2011, only a nominal improvement from the 25.7 days recorded during the previous quarter. Regionally, Experian found that companies throughout the South West lead the way in terms of payment performance with the region remaining the only one in the UK to pay its bills under 20 days late on average.

HMRC has identified increasing problems with  fraud and unpaid taxes through the use of Labour Providers - in the agricultural and food processing sectors, construction industry, hotels and leisure, security and other labour intensive industries.

HM Revenue & Customs (HMRC) is doubling the number of specialist officers cracking down on labour providers to combat these losses by tackling specific schemes to defraud - including the use of false invoices and hi-jacked VAT registrations. 

The Accounting Standards Board announced last year that associations must file accounts according to International Financial Reporting Standards (IFRS) by 2015.