HMRC propose new penalty regime for contractors

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HMRC propose new penalty regime for contractors

As announced in November HMRC have published a report outlining a more favourable penalty regime for contractors. Under the proposed rules, which will come into effect in October 2011 CIS members could pay less in penalties for late monthly returns.
However until the new penalties are launched any contractor who has been charged for late filing may ask HMRC to calculate how much the penalties would be under the new rules (if less than the amount already charged) and request that the penalties be reduced to the lesser amount. For more information visit:
www.hmrc.gov.uk/cis/penalties-late returns.htm
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