PAYE Settlements - agreement not in place
A company has had a PAYE settlement agreeement in force for a number of years.
For 2010/11 the formal agreement has not been signed and returned.
The calculations were done in the usual way and now a letter has been received from HMRC hinting that, because the form was not in place, the entries should go through for PAYE and attract Class 1A NIC. As far as I can see there will be no difference to the liability as calculated.
However, there is concern about the possibility of interest and penalties.
I have also heard mention that the benefits should have been on a P11D - can't see that myself since surely the benefit going through for PAYE/Class 1A NIC would preclude the necessity for a P11D.
Many thanks to any who reply.
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