Back in March of this year, we reported in our blog that the issuing of automatic penalties for the late submission of Full Payment Submissions (FPS) and Employer Payment Summaries (EPS) were being delayed until October 2014. However, HMRC have just announced that small employers (50 employees or less) will not face the prospect of any penalties until March 2015.
When the penalties do start, employers will be faced with a penalty of £100 for each late return where there is up to 9 employees, or £200 where there are between 10 and 49 employees. If the return is more than 3 months late an additional penalty of 5% of the tax and NI due for that period will be charged.
HMRC will email every employer in the country during September to confirm when the penalty regime starts for them.
HMRC are however already charging interest when PAYE and NIC are paid late within a tax year.
If you need help with your payroll to ensure you are compliant with the new rules and timings please give me a call on 01733 372681 or email me at: david@greenstones.co.uk