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PAYE Penalties - NEW 2010 / 2011

New PAYE penalties from 2010/11 dont get caught out.


 

 

A new PAYE tax penalty regime applies to employers for from 6 April 2010.

From 2010–11 HMRC will charge penalties if PAYE is paid late.

This includes payments for:

• tax

• National Insurance contributions (NICs)

• Construction Industry Scheme deductions

• Student Loan deductions. 

A penalty will be charged from May 2010 onwards. However, HMRC will not be sending out penalty notices for tax year 2010–11 until April 2011. 

Practically, this means that you could go for a whole year and be unware that you have attracted a penalty. It also means that you will have to be very careful to work out if any penalties are due when you cease trading or try and sell your business, or buy another business.

Penalties will apply if you are only a day late. As with the VAT penalty regime, these penalties could well put you out of business if you regularly have cashflow problems.

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For full details of HMRC penalties please click here