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HMRC rolls out RTI late payment fees

Businesses with 50 members of staff or fewer that are late in dealing with PAYE concerns will receive automatic fines from 6th March, 2015, HM Revenue and Customs has confirmed.

Real-time data sees reports made on PAYE before or on the date that payment is received. Changes will now be reported exactly when they take place, as opposed to when the financial year is over.

All employers will receive electronic messages from HMRC in the not too distant future, so that they are aware of when the penalties will be applied, based on how many workers are shown in department records.

RTI began to be phased in from October last year with a number of relaxations, which included a delay in penalties.

Ruth Owen, personal tax director-general for HMRC, said that RTI is proving to be successful. She commented:

“We know from our experience of rolling out of RTI that to ensure a smooth transition for our customers it’s best to introduce changes in stages. This will allow us to update our systems and enhance our guidance and customer support as needed.”

Firms that employ more than 50 people will be penalised from 6th October this year.

Business owners should take note of the changes if they wish to avoid the fine. This is where the services of an accountant can extend beyond simply filling in the numbers. An accountant in the Wirral, for instance, is more than capable of keeping clients in the picture; it is highly recommended to all businesses that they have such a professional in place.

Posted by Mark
September 17, 2014
Small Business

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