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>> Accounting Articles
Automatic Fines for Late CIS Returns
The New CIS scheme in operation since April 2007, dictates that a monthly return is completed by contractors and sent (on-line or by post) to Inland Revenue on time (by 19th of the following month) to avoid an automatic fine of £100. Verification of the sub-contractor's tax payment status must be obtained from HMRC before payment is made. In most cases deductions of 20% or 30% tax will apply. A payment voucher (similar to the old 715) must be issued showing details of the tax deducted and given to the sub-contractor by 19th of following month.
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