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Property developer

Preparing accounts for a property developer/builder

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Hi, I am a new MIP and have just taken on a client who builds new homes for resale. Whilst working in the industry previous to setting up on my own I had no experience of this. I was just wondering if there are any special considerations I should be aware of. He is VAT registered and claims VAT back on his costs where applicable. I just wondered how detailed the profit and loss account should be. He is building several properties on one site. Do I collect the costs per property or does this not matter and do I just make adjustments in the work in progress accounts accordingly when he sells a house etc? Would I expect the builder to advise of the portion of WIP to allocate to each home when it is sold? Are there any other things I should be aware of that are different to doing normal trading accounts. Any advice is much appreciated. I am just setting the clients information up on new accounting software and I want to get the coding as correct as I can from the start. Thank you in advance.

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