Stewart Associates (Shrewsbury) Ltd
Emstrey House (North), Shrewsbury Business Park, Shrewsbury, Shropshire, SY2 6LG.

Telephone: 01743 235236   Email: enquiry@saltd.co.uk

5 March 2014

New timetable for RTI penalties

HMRC have announced a new timetable for their introduction. Under the revised proposals, automatic in-year penalties where returns are filed late will now take effect from October 2014, but automatic in-year penalties for late payments of PAYE and NIC will not commence until April 2015, one year later than originally planned. However, from April 2014, interest will be charged in-year rather than after the end of the tax year on any in-year payments not made by the due date. 1 to 3 defaults per annum 1%, 4 to 6 defaults 2%, 7 to 9 defaults 3%, 10 or more 4%. Additional penalties, at a rate of five per cent of the amount unpaid, apply to amounts outstanding six months and 12 months aft

 

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