Changes to penalties for late CIS contractor returns
Penalties for late CIS contractor monthly returns will change from October 2011.
In many cases, the new penalties will be less than what would be charged now. In particular, for new CIS contractors, there will be an upper limit to some of the penalties that are charged. This upper limit will apply when new contractors first send a monthly return, if that return and any other monthly returns that are sent at the same time, are late.
Although the new CIS penalties do not start until October 2011, any contractor who has been, or is, charged penalties for filing a monthly return late before October 2011, may ask HMRC to:
•work out how much the penalties would be under the new rules, and, if less than the amount already charged
•agree that their penalties should be reduced to the lesser amount
For more information on the CIS Penalties please visit : http://www.hmrc.gov.uk/cis/penalties-late-returns.htm
Photo by graur razvan ionut http://www.freedigitalphotos.net/images/view_photog.php?photogid=987
For more Payroll News please visit Payroll Services, Payroll Service, Payroll UK, Payroll Solutions, Payroll Outsourcing, Payroll Management