Details of the real-time information (RTI) penalties to be phased in during the current tax year are set out in HMRC’s Employer Bulletin for October.
“Employers with fewer than 50 employees who report their PAYE information late may incur automated in-year penalties from 6 March next year. Those who employ 50 or more people who file late may incur these penalties from 6 October 2014,” HMRC said.
“We know that those who have had most difficulty adjusting to real time reporting have been small businesses, so this staged approach means they have a little more time to comply with the new arrangements before facing a penalty.”
The bulletin reminds “service companies” and other intermediaries who have operated the IR35 concession to delay making a final return and payment for 2013/14 that they have until 31 January 2015 to submit accurate figures and pay any outstanding amounts.
The bulletin also includes articles on the Scottish rate of income tax, expected to be applied to the non-savings income of “Scottish taxpayers” from April 2016, and a reminder that all PAYE guidance has been moved to gov.uk.
Agent Update
HMRC’s latest Agent Update has articles on workplace pensions, HMRC’s credit card sales campaign, and updated anti money laundering guidance for money service businesses.