CIS penalties: A nice little earner!
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 2007 35,919
- November 2007 44,921
- December 2007 37,618
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).