Welcome to the Summer edition of our Property and Construction newsletter
Welcome to the Summer edition of our Property and Construction newsletter. As ever, our team at Scrutton Bland are here to help you navigate the constantly changing landscape, keep you informed about new regulations and assist you with all aspects of tax, accounting and insurance which relate to this sector.
S ince our last newsletter we’ve seen Rishi Sunak taking the reins of government and a concerted effort from his team to get inflation under control. The war in the Ukraine goes on, with serious economic consequences as the cost of materials and labour continues to rise, added to crippling energy prices – all of which mean that developers, contractors and building workers have been squeezed from both ends when it comes to managing their projects. Our aim with this newsletter is to help you to address some of these challenges, through offering professional advice to assist in the financial management of your construction business. We always listen to the current points raised by our clients and as a result Daniel May, VAT Manager, responds to questions we have received relating to the tax implications for property developers who are now seeking to dispose of land previously banked for future development. We are also very mindful of the problems many of our clients encounter with managing their cash flow. One important strategy is to raise a payment application rather than an invoice, to maintain a constant flow of cash into the business. On page 14, we explain how payment applications work, as well as explaining some of the options for resolving disagreements.
We’re also pleased to have the expertise of Gary Stannard, Insurance Director, who on page 12 examines the way that the high value and portability of contractors’ plant has made it an attractive target for criminals. He suggests some of the measures that can mitigate the risk of theft, and also looks at the how using a knowledgeable broker to get the right insurance policy can save money in the long run. We love to hear about the projects our clients have undertaken, and Nest Development in Woodbridge has rapidly established itself as an award-winning property company, designing and constructing individual homes across East Anglia. We spoke to Nick Glendinning, founder and CEO of Nest Development about the way his business has developed, and how they have managed to come through the upheavals of the past few years. Read more about what the business has been up to on page 4. Finally we’re delighted to announce that Scrutton Bland has just opened a new office in Bury St Edmunds. We’ve been operating across East Anglia for over one hundred years and recognise the need for many of our clients in the west of the region to be able to visit us in a location that’s easier for them to get to. Our new office is located in The Long Barn at Fornham Business Court, Fornham St Martin, Bury St Edmunds IP31 1SL. It is open from 9:00am to 5:00pm, Monday to Friday, so please come and visit us if you are passing!
We hope that you enjoy this edition of the Property and Construction Newsletter, and if you want to discuss any of the points raised or alternatively if you’d like to see any specific topics covered in future issues, please get in touch with your usual Scrutton Bland contact.
Ben Cussons Business Advisory Associate Partner
P R O P E R T Y A N D CONSTRUCTION | SCRUTTON BLAND | 3
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