HM Revenue & Customs (HMRC) charge penalties for all CIS returns not received by the 19th of every month.
Any return not received from contractors by the due date will be liable to a fixed penalty of £100 and a further penalty for every additional month that the return remains outstanding.
Up to 43% of contractors are likely to be fined for:
- not informing HMRC of their nil returns
- not validating the status of subcontractors
- late monthly returns
Click here to read the white paper from Pegasus Software which looks at the rules and is designed to help you stay “fine-free”