Penalties

The whole system is backed up by a series of penalties. These cover situations in which an incorrect monthly return is sent in negligently or fraudulently, failure to provide CIS records for the Revenue to inspect and incorrect declarations about employment status. However, two further penalties will be much more common on a day to day basis:

• for failure to send in the monthly return there will be a penalty of £100 per 50 subcontractors (or part thereof) per month
• for failure to provide a subcontractor with a 'payslip', a penalty of up to £300, plus a further penalty of up to £60 per day for continuing failure.

Clearly procedures and controls will be vital in avoiding these penalties.

We would welcome a call or email if you have any questions on anything we have covered in this newsletter.

We offer a comprehensive service to all types of businesses and individuals, and have the benefit of membership of the UK200 Group of Practising Accountants, enabling direct access to expertise in areas outside our normal work.

Regulated to carry on audit work for a range of investment business activities by the Institute of Chartered Accountants in England and Wales

Goldwyns | Rutland House | 90/92 Baxter Avenue | Southend on Sea | Essex | SS2 6HZ |
Tel: 01702 351412 | Tel: 01702 353071 | Fax 01702 431453 | Web www.Goldwyns.co.uk| Email| info@goldwyns.co.uk