Penalties for late filing of CIS returns can be significant and increase the longer you delay:
Missed Deadline: An initial penalty of £100 is applied if you miss the filing deadline.
2 Months Late: An additional penalty of £200 if the return is two months late.
6 Months Late: An additional penalty of £300 or 5% of the CIS deductions on the return, whichever is higher.
12 Months Late: An additional penalty of £300 or 5% of the CIS deductions on the return, whichever is higher. In serious cases, higher penalties may be charged.
To avoid these penalties, ensure you keep track of deadlines and maintain accurate records to facilitate timely filing of your CIS returns.