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Employers told to ‘PAYE’ attention

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As widespread amendments look set for PAYE tax, HM Revenue & Customs (HMRC) has issued an urgent alert to employers to prepare themselves for the spring changes.

This month, HMRC will write to all employers to remind them that they must file their Employer Annual Returns online by 19th May. But, as there is no longer an option to file returns on paper, those who do so, even before the deadline, may still be fined.

Also from May, HMRC will introduce new penalties for late PAYE payments, including Income Tax, National Insurance contributions, student loan deductions and Construction Industry Scheme deductions.

The penalties will be calculated depending on the amount of PAYE paid past the deadline. For those who adopt in-year payments, penalties will worsen as the number of late payments increases.

“Major changes to PAYE filing and payment are only a matter of weeks away, so employers need to make sure they’re well prepared for them,” said HMRC’s Stephen Banyard. “We will be writing to affected employers over the coming weeks, so please look out for this information.”

Each year, UK employers are required to inform HMRC of their employees’ tax and National Insurance payments for the last financial year. To register with HMRC’s online PAYE service visit its website, where further help is available.

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Written by Andrew Hodges

February 22, 2010 at 6:54 pm

Posted in Comment, LinkedIn

Tagged with , ,

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