Construction Companies + Debt Management: The Challenge
As construction business, preparing bank statements for debt management is a common but time-consuming task. Debt management advisors and IVA supervisors need detailed analysis of a debtor's bank statements to assess income, essential spending, and disposable income.
How BankScan AI Helps Construction Companies with Debt Management
Convert your bank statements to Excel to quickly match CIS payments, subcontractor invoices, and material costs for VAT returns and CIS submissions. For debt management specifically, BankScan AI extracts Net income from all sources, essential living costs (housing, utilities, food, t automatically.
How Construction Companies Handle Debt Management
When preparing bank statements for debt management, 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 3-6 months of recent statements to establish a reliable income and expenditure pattern for the proposal of statements for debt management.
AI extracts what you need
Our AI extracts Net income from all sources, essential living costs (housing — formatted for construction companies workflows.
Complete your debt management work
Download Excel files ready for debt management. Income and expenditure categorised according to the Standard Financial Statement (SFS) format used across the UK debt advice sector
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Construction Companies — Debt Management
- 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 Debt Management — Convert bank statements to Excel to quickly categorise income and expenditure, calculate disposable income, and prepare debt management or IVA proposals.
- Key data extracted — Net income from all sources, essential living costs (housing, utilities, food, transport), non-essential spending to reduce, existing debt repayments, disposable income calculation
Compliance: Construction Companies + Debt Management
When construction companies prepare bank statements for debt management, 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: Insolvency Act 1986 Part VIII (Individual Voluntary Arrangements); FCA CONC 8 (debt counselling, debt adjusting, and debt administration)
Debt Management — Built for Construction Companies
IVA proposals must be sent to creditors within 14 days of the nominee's report; debt management plans need quick setup to stop creditor action and interest accrual
Try Free — Construction Companies + Debt Management