UK businesses with less than 50 employees will now be allowed three days’ leeway by HMRC before being penalised for late filing of PAYE submissions.
HM Revenue & Customs has confirmed that late payment penalties will carry on being reviewed on a “risk-assessed” basis as opposed to being issued automatically.
No change to PAYE filing deadlines
HMRC have confirmed that there will be no change to the actual filing deadlines, which usually means that businesses need to file them actually on or before each payment due date.
HMRC will be closing close to 15,000 PAYE schemes in March 2015 in a bid to prevent unnecessary penalties being issued, for companies that have not filed a PAYE report since April 2013, and as a result, look to appear to have ceased trading.
These company schemes will be written to, advising them about the planned closure and what they should do if they are – or should be – operating PAYE.
Employers with less than 50 employees are also reminded that late filing PAYE penalties will apply from 6 March.
A discussion document has been published by HMRC in order to gauge views by the deadline of 11th May 2015. Suggestions concerning potential improvements to the way in which penalties apply for PAYE payment failure or to meet deadlines for registration or returns will be considered.
How to run your PAYE smoothly and avoid penalties
Of course, it is not always easy running a business and PAYE is something that a good accountant like Omni Chartered Accountants can help you with.
Seeking help with your PAYE affairs may work out more cost-effectively than you may think, especially when you consider the time saving and potential problems that your company could face if deadlines and payments are not made by the dates as set out by HMRC.
For more information, contact us now by clicking here or request a free of charge call back from our website by clicking on the link at the top of this page.