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| A warning to the building industry |
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The new Construction Industry Scheme (CIS) has been with us for nearly six months and the September return will be the last which can be submitted late without a penalty. But be careful.
If any of the returns for the six months May to September 2007 are still outstanding on October 19, 2007 they will become liable for penalties. And remember, the penalty is £100 for each month the return is late (although HMRC have rather generously said that the penalty for returns due for the months May to September 2007 will only incur a £100 penalty as if they are only a month late i.e. if they are sent in before November 19 the penalty will be £100 per return). It is vital to make sure that all monthly returns are submitted on time. If you pay more than 50 subcontractors in a month the penalty is £100 per 50 "subbies". So if you pay 110 and the return is a day lateyou will have to pay a penalty of £300.
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