Construction firms hit with £180m in penalties for late tax filing
Accountancy Age, 06 Nov 2008
Fines have rocketed to £180m for contractors through the construction industry's tax scheme.
The new Construction Industry Scheme, which was updated last April to include online filing and a new penalty regime, has led to a level of fines that has swamped even the worst fears.
CIS tax expert Carolyn Walsh said construction firms' futures were at stake.
'This hard line on CIS fines is threatening firms' futures. The figures are huge and contractors cannot afford it at the moment,' Walsh said according to Contract Journal.
But a large number of appeals have been successful. Of the 227,000 firms who appealed, 185,000 were successful.
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