UK employers have been recently informed that changes are to be made to PAYE this spring.
According to HM Revenue and Customs (HMRC), managers need to have filed their Employer Annual returns online by May 19th this year as there is no longer a paper filing option.
This means any paper returns which are filed, even before the spring deadline, could invoke a fine.
Meanwhile, from May 20th, HMRC is introducing new penalties for the late payment of PAYE, which includes Income Tax, National Insurance Contributions, student loan deductions and Construction Industry Scheme deductions.
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Should they not make PAYE payments on time and in full, employers face penalties which will be calculated as a percentage of the amount which was paid late, with the charge increasing as the number of late payments grow.
HMRC’s Stephen Banyard said: “Major changes to PAYE filing and payment are only a matter of weeks away, so employers need to make sure they’re well prepared for them.”
The Chartered Institute of Personnel and Development and the British Chambers of Commerce recently announced they were urging the government not to increase National Insurance contributions, as it could have a negative effect on the jobs market.
