Building contractors can reduce Construction Industry Scheme late filing penalties by taking advantage of the new HMRC penalty regime, a year ahead of its official introduction.

The taxman has said he will apply the new, fairer, method for calculating late filing fines, if a contractor believes a penalty under the present regime is excessive.

The new system comes into effect in October 2011.

Builders affected can now ask for their fines to be recalculated using the new CIS rules, and then choose to pay the lower amount.

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