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AIA

RTI deadline looms

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4th Mar 2015
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HMRC this week published a last chance reminder that the deadline for companies with fewer than 50 employees to report real time payroll information (RTI) to HMRC is 6 March.

After tomorrow, penalties will be automatically raised if an employer’s full payment submission (FPS) is late, if they don’t send the expected number of FPSs, or if they don’t send an employer payment summary (EPS) for months when no payments were made to employees.

 The fines range from £100 to £200 a month, depending on number of employees and are an unnecessary headache for small businesses.

The penalties become more severe with time. Businesses that are more than three months late can be charged an additional penalty of 5% of the tax and national insurance that should have been reported.

While HMRC is stepping back from imposing automatic penalties for late payment of PAYE, the RTI late filing penalties are progressing as announced last September. Consult GOV.uk for more information or refer to AccountingWEB’s previous coverage of the issue:

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Should Be Working ... not playing with the car
By should_be_working
04th Mar 2015 12:27

I'm Estimating..

I'm estimating that a lot of estimated figures will be filed tomorrow.

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