HM Revenue & Customs (HMRC) is to re-introduce PAYE penalties for late submissions of monthly payroll information from 6 October 2014.
The penalties will apply where a Full Payment Submissions (FPS) has not been filed on or before the date a business pays its employees.
HMRC will charge one penalty for each tax month where a FPS is not filed on time however not for the first month where a business fails to file on time. A business can therefore pay a maximum of 11 penalties for late filing in a single tax year.
The penalties that will be levied by HMRC is dependent on the number of employees within the PAYE scheme as follows:
| Number of employees | Monthly filing penalty |
|---|---|
| 1 to 9 | £100 |
| 10 to 49 | £200 |
| 50 to 249 | £300 |
| 250 or more | £400 |
SeavorChartered therefore recommend that businesses who have employees ensure that all submissions are fully up to date by 5 October 2014.
If you would like to discuss your business’ payroll needs please get in touch.
