The construction sector is, once again, fundamental to the overall success of the Irish economy. With the announcement of the National Development Plan 2040 and many other initiatives requiring the expertise of the construction industry, it is likely to have a prominent role for the foreseeable future.
As with all industries, the construction sector is not without its challenges, some better documented on the national airwaves than others. The lack of sufficient skilled workers in the sector is a constant headache and attracting suitably qualified talent is a costly exercise for businesses. This is compounded by the fact that, in a throwback to darker days for the industry, the margins on projects are significantly tighter. Financial prudence is vitally important now for those businesses that wish to grow and prosper in the cycle we are currently in.
At Grant Thornton we have unrivalled experience and expertise in advising clients in the broad construction sector and we will bring this to bear as we advise you.
At Grant Thornton our knowledge of the broad construction sector is unrivalled. What does this mean for you?
The key to understanding your business from an audit perspective is knowing the primary characteristics of each area of the sector you operate in. Whether it is long term contracting matters and how these are accounted for, or speculative development, we have the experience and expertise to work with you and help you optimise your business.
It is vitally important that there is no tax leakage from your business or businesses. A key strength of our tax department is to plan, in conjunction with you, the roadmap for the business from a tax perspective. This enables you to focus on growing your business and actively tax structure your entities.
This can be the single biggest issue for those operating in the construction sector due to the level of cash-flow that can be required to fund the payments. In considering expansion or new development it is vitally important to engage with our VAT colleagues early.
Whether aligning internal processes to meet the external growth of your business or streamlining your corporate structure, we have significant experience in planning and executing, same for many businesses in the broad sector.