A little leeway on the new penalties or late payment and filing
New penalties for in-year RTI transgressions were due to start in this new 2014 tax year. HMRC has given in to pressure from business groups and staggered the start of penalties.
Late filing penalties can be avoided all together provided that employers can get fully up to date by October 5th 2014. If you are late with your in year payments then you wont get charged automatic late-payment penalties until April 2015.
Slightly less good news is that HMRC will be charging interest on payments that are not made on the due date and on underpayments.
As you can see HMRC has been pretty forgiving over the introduction of RTI. It will start to get tougher through this year though so if you haven’t sorted out your payroll please act fast.
Lewis Smith & Co. has a dedicated payroll bureau team and we are helping lots of organisations make the process hassle free.
Give us a call today on 01384 235549 or email email@example.com
Lewis Smith & Co. – Accountants for Pensnett businesses