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ANNE REDSTON looks at HMRC’s new system for PAYE penalties
KEY POINTS
- New penalties for late paid PAYE liabilities.
- No penalty for the first late payment.
- Pay oldest outstanding PAYE first.
- HMRC’s risk-based approach.
- Reasonable excuse for late payment.
PAYE is a humdrum tax and readers of Taxation may be tempted to skip this article searching instead for sexier topics such as avoidance planning or offshore disclosure. This may be a mistake.
The law is changing and employers could suffer penalties of up to 14% a year of their PAYE construction industry scheme (CIS) National Insurance contributions and student loan repayments.
If you have clients who:
- use PAYE National Insurance or CIS deductions as a cash-flow management tool;
- are slipshod with their due dates; and/or
- have irregular salary payment...
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Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
