The change applies to businesses employing less than 50 members of staff. Basically, HMRC have decided to delay the implementation of penalties for late filing of real-time PAYE returns until 6th March next year for businesses of this size.
Originally the plan was to impose a fine for all sizes of business from 6th October 2014 if:
the expected number of submissions were not received by HMRC
- employers failed to send a Full Payment Submission (FPS) on or before their employees’ pay day
It should be noted that businesses employing 50 members of staff or more are liable to face these fines from 6th October 2014 as originally expected. Based on the number of employees in their records, HMRC will inform employers electronically, of when they are liable for these penalties.
Other penalties, such as those for errors on returns or late payment of tax, will continue to be imposed.
Please contact Southside Accountants in Wimbledon & London for further information.