Construction Companies + Annual Company Accounts: The Challenge
As construction business, preparing bank statements for annual company accounts is a common but time-consuming task. Preparing annual accounts for Companies House requires reconciling a full year of bank transactions. Many small companies still rely on PDF statements from their bank.
How BankScan AI Helps Construction Companies with Annual Company Accounts
Convert your bank statements to Excel to quickly match CIS payments, subcontractor invoices, and material costs for VAT returns and CIS submissions. For annual company accounts specifically, BankScan AI extracts Opening and closing bank balances, total income received, categorised expenditur automatically.
How Construction Companies Handle Annual Company Accounts
When preparing bank statements for annual company accounts, construction companies need to Construction companies process bank statements to match subcontractor payments against CIS deduction certificates, reconcile material supplier invoice. BankScan AI automates the data extraction step.
Key terms you'll encounter: CIS deduction, retention payment, reverse charge VAT, application for payment.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload Full financial year (12 months), aligned to the company's accounting reference date of statements for annual company accounts.
AI extracts what you need
Our AI extracts Opening and closing bank balances, total income received, ca — formatted for construction companies workflows.
Complete your annual company accounts work
Download Excel files ready for annual company accounts. Full year reconciled to the nominal ledger, with month-end balances matching bank reconciliation statements, ready for trial balance extraction
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Construction Companies — Annual Company Accounts
- Built for Construction Companies — Saves 3-5 hours per month on CIS payment matching and subcontractor reconciliation, reducing errors that can trigger HMRC penalties
- Software compatible — Output works directly with Sage 50, Xero, Evolution M
- Built for Annual Company Accounts — Convert your full year of bank statements to Excel for fast reconciliation, trial balance preparation, and Companies House filing.
- Key data extracted — Opening and closing bank balances, total income received, categorised expenditure, inter-company transfers, director loan account movements, dividend payments
Compliance: Construction Companies + Annual Company Accounts
When construction companies prepare bank statements for annual company accounts, specific compliance requirements apply.
- HMRC's Construction Industry Scheme (CIS) requires monthly returns and correct deduction of tax from subcontractor payments. Reverse charge VAT for construction services must be applied correctly. Health and Safety Executive levies and CITB training levy obligations must also be tracked from bank transactions.
- Legal basis: Companies Act 2006 sections 394-397 (duty to prepare accounts) and sections 441-453 (filing requirements and penalties)
Annual Company Accounts — Built for Construction Companies
Accounts must be filed within 9 months of the accounting year-end for private companies; late filing penalties start at 150 GBP and escalate to 1,500 GBP
Try Free — Construction Companies + Annual Company Accounts