HMRC are reminding contractors that a new penalties regime will apply to the construction industry scheme from next month.
HMRC are reminding contractors that a new penalties regime will apply to the construction industry scheme from next month.
Beginning with the contractor’s return for payments to subcontractors in the month ending 5 November, the new regime will include a £100 fixed penalty for late filing; a £200 fixed penalty if the return is two months late; a tax-geared penalty if the return is six months late; and a second tax-geared penalty if the return is still outstanding after 12 months. Interest will be payable on penalties paid late.
There will be an upper limit on the amount of fixed penalties charged to new contractors who file their first returns on time, HMRC said.
HMRC are reminding contractors that a new penalties regime will apply to the construction industry scheme from next month.
HMRC are reminding contractors that a new penalties regime will apply to the construction industry scheme from next month.
Beginning with the contractor’s return for payments to subcontractors in the month ending 5 November, the new regime will include a £100 fixed penalty for late filing; a £200 fixed penalty if the return is two months late; a tax-geared penalty if the return is six months late; and a second tax-geared penalty if the return is still outstanding after 12 months. Interest will be payable on penalties paid late.
There will be an upper limit on the amount of fixed penalties charged to new contractors who file their first returns on time, HMRC said.
