Construction Companies + VAT Return: The Challenge
As construction business, preparing bank statements for vat return is a common but time-consuming task. Quarterly VAT returns require matching bank transactions to sales and purchase invoices. Working from PDF statements adds unnecessary time to an already tight deadline.
How BankScan AI Helps Construction Companies with VAT Return
Convert your bank statements to Excel to quickly match CIS payments, subcontractor invoices, and material costs for VAT returns and CIS submissions. For vat return specifically, BankScan AI extracts VAT-inclusive sales and purchases, zero-rated transactions, exempt supplies, inp automatically.
How Construction Companies Handle VAT Return
When preparing bank statements for vat return, 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 months per VAT quarter (standard scheme); 12 months for annual accounting scheme users of statements for vat return.
AI extracts what you need
Our AI extracts VAT-inclusive sales and purchases, zero-rated transactions, — formatted for construction companies workflows.
Complete your vat return work
Download Excel files ready for vat return. Transactions split into VAT-bearing and non-VAT categories, with net and VAT amounts separated; must reconcile to Box 6 (total sales) and Box 7 (total purchases)
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Construction Companies — VAT Return
- 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 VAT Return — Convert bank statements to Excel to quickly identify VAT-bearing transactions, match against invoices, and prepare your VAT return accurately.
- Key data extracted — VAT-inclusive sales and purchases, zero-rated transactions, exempt supplies, input VAT on expenses, output VAT on sales, EC acquisitions, reverse charge transactions
Compliance: Construction Companies + VAT Return
When construction companies prepare bank statements for vat return, 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: Value Added Tax Act 1994; VAT Regulations 1995; Making Tax Digital for VAT regulations (The Value Added Tax (Amendment) Regulations 2018)
VAT Return — Built for Construction Companies
VAT returns due 1 month and 7 days after the end of the VAT quarter; late submission triggers a surcharge of up to 15% of VAT owed under the default surcharge regime
Try Free — Construction Companies + VAT Return