New Construction Industry Penalties

21-Oct-2011 From October 2011 the late submission Construction Industry Scheme monthly returns will result in revised penalties. The penalties are as follows:

  • a basic penalty of £100 for failure to meet due date of the 19th of the month
  • where the failure continues after two months after the due date, a further penalty of £200 will be charged
  • after six months an additional penalty will be due, rising to the greater of 5% of the tax or £300
  • after 12 months a further penalty will again be due being the greater of £300 or 5% of the tax but, where the withholding of information is deliberate and concealed, it will be 100% of the tax (or £3,000 if greater) and where information is withheld deliberately 70% of the tax (or £1,500 if greater).

This is yet another example of the massive increases in penalties being charged by H M Revenue and Customs and Companies House in a desperate attempt to raise more money from the private sector to try to reduce the ever ballooning amount of government debt without cutting the total amount of public spending.

Please get in touch if you would like help or advice on the Construction Industry Scheme.
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