Thursday, 31 July 2014

RTI Penalty Plans Announced

From April 2013, employers must send, via the Internet, details of salary, tax deducted, NI, etc to HMRC each and every time they pay an employee, instead of just at the end of the tax year. One advantage to this is that you won't need to complete the end of year Forms P35 or P14.
Obviously, as these are being scrapped so are penalties for submitting them late. So new tough penalties will be imposed for missing Real Time Information (RTI) deadlines instead.

HMRC have generously decided that late notification penalties won't apply for the first year of RTI. Instead, they will work on a fair and practical way for these to be imposed from April 2014.

While employer payroll data reports, so-called Full Payment Submissions, won't be subject to fines if they're late in the first year of RTI, HMRC says that they will continue to charge penalties under existing rules on employers who make PAYE errors.

If you have queries and want more information about getting your payroll ready for RTI then contact Bookkeeping4u. Call 07792 080789 or email mail@bookkeeping4u.

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