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The sanctions planned for real-time information, reviewed by SUSAN BALL
KEY POINTS
- No penalties for inaccurate submissions in 2012/13.
- Late filing charges.
- Similarities to the existing penalty regime.
- HMRC’s risk-based approach.
- Suspension where reasonable care is taken.
The advent of real-time information (RTI) for most employers from April 2013 means there will be changes to the current penalty regime for late filing and payment of PAYE and National Insurance as laid down in TMA 1970 s 98A and FA 2009 Sch 55 and Sch 56.
But will the greatest change in the PAYE system since its introduction in 1944 offer the measured approach one might hope for with such a major upheaval or not?
Following the guidance notes issued by HMRC on 29 November 2012 the responses document after June’s consultation paper and the Finance Bill that was...
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