Reduce the hassle, time and likeliness of being landed with a £100 late filing penalty by letting us file your monthly CIS returns online for you. We can also verify your new subcontractors with HMRC online.
Let’s face it, form filling is time consuming especially for you smaller Contractors. Completing a paper monthly return can often be put to one side until ‘another time’, but more often than not ‘another time’ is usually too late! With monthly Returns being required to be prepared for the period to the 5th of each month, Returns are to be submitted by the 19th of that month. Currently HMRC are hot on the heels of late filers, issuing penalties for late CIS Returns as follows:
1 Day Late
A fixed penalty of £100, even for NIL Returns!!
2 Months Late
A fixed penalty of £200. NIL Returns also!
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.
If you would like us to help you save time and avoid impending penalties, please don’t hesitate to contact us.
If you enjoyed this article, you might like to read our previous article ‘Tips – employers are you dealing with this’.