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01608 664281 kate@paperworkteam.com

Property Developer

PROJECT OVERVIEW
The client was a newly established Property Developer. They had already registered the company, purchased three properties and applied for the necessary permissions to refurbish two other houses. The third property was set to be demolished with a view to building eight new houses. The onsite activity would be co-ordinated and managed by one of the directors, while the second director dealt with the finances, marketing and interior design on each project. The company were intending to work on all of the sites simultaneously using a team of subcontractors.
Director 1 was to Project Manage, spending time at each of the sites, organising the subcontractors, supplies, workflow and the smooth running of the developments.
Director 2 also had other business interests that required significant time commitment and was very keen to ensure that this new venture didn’t compromise these or any family obligations.

BUSINESS CHALLENGES
When the company contacted The Paperwork Team, the work to the properties had started, two subcontractors had already been engaged and the paperwork was accumulating. Although both directors were very capable, neither had experience of the Construction Industry Scheme payments for the subcontractors, the obligatory statement of earnings letters etc, or completing VAT returns.
The subcontractors had been paid based on the full amount of their invoices and suppliers were demanding immediate payment. There was also the need for a formal record of the amount of money that had been spent on each property.
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.

THE SOLUTION
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 with a view to setting up a customer account and paying invoices monthly.
A weekly meeting was scheduled to discuss bill payments, project costs and to handover relevant paperwork. The Directors were issued with Kate’s personal email details and a mobile number as a point of contact for any queries, for the company.

THE RESULT
An accurate breakdown of expenditure per property, ensuring that costs are kept within the set budgets. Subcontractors are verified and paid in accordance with the HMRC guidelines and receive statement of earnings letters within the timescales set. VAT returns are completed accurately and on time.
The directors have a point of contact even at weekends and evenings, for queries and to delegate administrative tasks to. This allows them to use their time more effectively, managing the projects on site and ensuring their other business commitments are not compromised.

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