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7 March 2014
There will be a staggered start to the introduction of Real Time Information (RTI) penalties, HM Revenue and Customs (HMRC) announced today.
The new automatic in-year PAYE penalties for late filing and late payment and in-year interest (charged on tax and National Insurance Contributions (NICs) that are paid late during the year), were due to start from 6 April 2014.
RTI is a big change and HMRC and some employers are continuing to learn. Having listened to customer feedback, HMRC has decided to stagger the start of the new in-year late filing and payment penalties to give employers more time to adapt to reporting in real time. The new timetable will be:
· April 2014 - in-year interest on any in-year payments not made by the due date
· October 2014 - automatic in-year late filing penalties
· April 2015 - automatic in-year late payment penalties
Joanna – payroll manager at Haleys says “This is a great chance for employers to really get to grips with the submissions that RTI entails knowing that they will not be penalised in the immediate future. There have been a lot of significant changes to the way we report payroll information over to HMRC this tax year and I think that knowing that the penalties have been delayed, will give employers the breathing space they need to start their 2nd tax year under RTI”.
If you want any more help and advice on RTI and the up and coming year end, please do not hesitate to contact Joanna on 01772 741 200 or email her email@example.com
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