Figures revealed in Hansard indicate that CIS penalties are turning into a nice little earner for the Treasury, reports Tax Lecturer of the year, Rebecca Benneyworth.
The number of penalty notices issued for late CIS monthly returns are shown as:
- October 200735,919
- November 200744,921
- December 200737,618
She adds, "So a total of 118,458 notices were issued in a three month period, bringing in fines of at least 11.8 million (as the minimum penalty is 100). Assuming that these three months are representative of a normal quarter, this would bring an annual yield from penalties for the new CIS 300 to over 47 million."