From 6 October 2011 new incremental penalties will be imposed by HMRC for late CIS Returns. They range from £100 to £300 (or 5% of the deductions shown on the return whichever is the greater). Higher penalties of up to £3,000 may be imposed where the CIS Return remains outstanding 12 months after the due date and HMRC determines that information has been deliberately withheld. Interest will also be payable on any penalty which is paid late.
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