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Construction industry penalties: election for new rules

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Contractors who are charged penalties for late filing of monthly returns may elect for the penalties to be re-calculated under new rules introduced by FA 2009 Sch 55 and set to take effect in October 2011, HMRC has announced.

In many cases, the new penalties will be lower than those payable under the current regime. Guidance is available on the HMRC website and will feature in the next Agent Update, to be published in December.