What is Special Purpose Vehicle Accounting
A Special Purpose Vehicle (SPV) is a type of legal entity created separately from a parent company to manage projects that pose higher levels of risk. For example, if you're a property investor, you may use an SPV to acquire a new property.
Since an SPV is smaller than a main company and used for a specific project, it has different needs when it comes to accounting. The balance sheet is completely separate, and you will have different tax requirements to meet.
Due to this, you want an accountant who really understands SPVs and all the paperwork surrounding them. That's why at Reed & Co. Accounting, we offer specialist advice and services regarding SPVs to help you keep yours in line with the law.
Less Time-Consuming
You don't want to spend hours explaining to an accountant what your SPV is for. Our experts take things into our own hands and provide you with a seamless service that gets everything done as quickly as possible.
Fewer Monetary Risks
Setting up an SPV is often done to better manage risk. You don't want to add more risk by taking a gamble with your accountant. We have all the services you need and will help you save more money in the long run.
Stress-Free SPV
We're here to give you complete peace of mind and ensure you rest assured that your taxes are taken care of. You can continue making your own successes in other areas.
CIS Returns & Compliance
We handle all Construction Industry Scheme obligations for contractors and subcontractors, including monthly CIS returns, verification of subcontractors and deduction statements.
Payroll for Site Workers
We manage payroll for your entire workforce, including PAYE, RTI submissions to HMRC, and ensuring all workers are correctly classified as employed or self-employed.
VAT Returns
We prepare and file your VAT returns, including the domestic reverse charge for construction services, ensuring you're always compliant with HMRC requirements.
Self Assessment Tax Returns
For sole traders and subcontractors, we complete and file your self assessment tax return, claiming all allowable expenses to minimise your tax liability.
Limited Company Accounts
We prepare and file your annual accounts and corporation tax return, advising on the most tax-efficient way to extract profits from your construction company.
Tax Planning
We provide strategic tax planning advice to help you minimise your tax liability and maximise the profits you keep from your business.
Annual Accounts
We prepare comprehensive annual accounts that meet all regulatory requirements and give you a clear picture of your business performance.
Bookkeeping
We keep your books up to date and provide regular cash flow reports so you always know exactly where your business stands financially.
Common Questions
Of course! At Reed & Co. Accountants, we specialise in handling the taxes for SPVs. We know everything there is to know about taxes, such as how much you're due to pay, when you need to submit your tax forms and the relevant information you need to have available.
There are a few tax benefits available when you have an SPV. For example, if you are a high-rate taxpayer (40%), you will only pay 19% corporation tax on profits. You will also not need to pay any personal tax if you take dividends of up to the tax free allowance of £500 a year. Contact one of our experts to find out more.
Our rates will depend on the package you choose when working with one of our accountants. All you have to do is get in touch with us, and we'll talk you through your options before providing you with an invoice.