Posted by admin - September 5, 2014 10:30 am
Important – New Late Filing Penalties
HMRC have announced new late filing penalties which will apply to returns due for the tax year 2014-15 onwards.
The new penalties will now start from:
- 6 October 2014 for employers with 50 or more employees
- 6 March 2015 for employers with 50 or fewer employees
All submissions due, therefore, must be up to date by 5 October 2014.
These new deadlines follow customer feedback which has resulted in HMRC deferring the start of these penalties to give all parties time to adapt to reporting in real time.
Late filing penalties
Where payment information is not received as expected on an FPS, or you haven’t told HMRC that no employees have been paid in a tax period by sending an EPS, late filing penalties will apply. These rules apply to each PAYE scheme, rather than each employer. Therefore, if you operate more than one PAYE scheme you need to make sure that the FPS for each individual PAYE scheme reference is submitted on time or, where there were no payments made to any employees for a particular scheme for a tax period, you have informed HMRC by sending an EPS.
New, automated in-year late payment penalties will start from April 2015. In the meantime, however, HMRC will continue to charge late payment penalties – on a risk-assessed basis – on payments due from employers for the tax year 2014-15 onwards.
Details of PAYE/National Insurance late payment penalties are outlined on the HMRC website.
Paying penalties
Also be aware that penalties are due for payment 30 days following the date of the penalty notice and those which are not paid on time will attract interest as outlined here.
If you are concerned about making your payroll submissions on time and avoiding penalties then do contact your local MFW office who will be pleased to help
