[PRESS RELEASE] Financial Protection
for construction during the COVID19 pandemic
Basingstoke’s leading business-admin, bookkeeping and accounting company - Business Buddies is expanding and is now able to offer a form of financial protection to the construction industry during and post the COVID19 pandemic.
Business Buddies, which has been helping clients within the construction industry for 10+ years in and around Basingstoke, has launched its sister-brand: Business Buddies Contracting. The ‘BB brand’ is now able to offer clients a complete business management solution - which will now help to protect contractors from HMRC penalties. Business Buddies Contracting removes the employment status risk from the contractor when they’re engaging self-employed individuals (subcontractors). This will offer contractors peace of mind and protect them from any potential HMRC challenges.
"We've identified another opportunity to help our clients within the industry and that's to protect them from crippling HMRC fines relating to CIS and the employment status of their subcontractors.“
- Sarah Lonnon, BB’s Director
Business Buddies Contracting helps contractors provide HMRC with clarity around their subcontractor’s employment status. It’s critical to demonstrate and clearly outline those who are ‘employees’ vs those who are ‘subcontractors’ – their rights are different and so are the terms they are engaged under. If the process is not managed and documented correctly, it can result in substantial HMRC penalties.
“The HMRC fines could cripple a business, if you have subcontractors working for you - it’s incredibly important to ‘get it right’ when it comes to their employment status. During the current pandemic, we’re all having to tighten purse strings. We’re here to help eliminate potential unnecessary penalties.’ – Lindsey Spurway BB’s Director
-Basingstoke-based company, established for 10+ years
-Business Buddies expanding to offer a complete business management solution.
-Protects contractors from HMRC fines relating to employment status of their subcontractors.
-Compliant payment solution
-Demonstrable CIS compliance
-Zero cost to contractor
-Insurance included for subcontractor
About Business Buddies Contracting
Business Buddies Contracting: the subsidiary brand of Business Buddies, helps contractors provide HMRC with clarity around their subcontractors employment status – avoiding crippling penalties.
The business contracts with and pays the subcontractors for the services they provide. Therefore, Business Buddies Contracting are the ones responsible for ensuring the subcontractor employment status is correct.
Incredibly, this service is at zero cost to the contractor and includes personal accident cover for subcontractors.
The BB team have supported our company of 40+ subcontractors for years. This new service has given us peace of mind that we’re CIS compliant as well as alleviating the stress of processing subcontractor payments. They do it all for us!
CBS Brickwork Ltd