Building & Construction
Tyas & Company have extensive knowledge of the construction industry and understand the risks and opportunities construction companies face in this rapidly changing industry
Whether you are a developer, builder, trade contractor or a subcontractor we know your business.
· 5% vat rates
· Employed or Self Employed
· Registration for CIS
· CIS deductions
· Subcontractor verification process
· Monthly returns and record keeping
· Tax and Vat enquiries
· Work in progress valuations
· The new penalties for late returns
· Appeals
· Regaining lost status with HMRC
Our specialist knowledge allows us to help a wide range of businesses operating in the construction sector through positive and practical advice.
Contact Tyas & Company of Crawley now and find out how we can help you with your concerns
Whether you use us or not – one word of advice - do not be late in filing your CIS Returns. The penalties can get very expensive as the HMRC table below shows
|
Penalties for missing the return deadline |
|
Length of delay |
Penalty you will have to pay |
|
1 day late |
A fixed penalty of £100. This applies even if your return has no subcontractors on it - a nil return. |
|
2 months late |
A fixed penalty of £200. This applies even if your return has no subcontractors on it - a nil return. |
|
6 months late |
£300 or 5% of the CIS deductions shown on the return, whichever is the higher. This is as well as the penalties above. |
|
12 months late |
£300 or 5% of the CIS deductions shown on the return, whichever is the higher. In serious cases you may be asked to pay up to £3,000 or 100% of the CIS deductions shown on the return, whichever is the higher. These are as well as the penalties above. |
