Businesses have been given a three-day grace period for late filing of PAYE submissions under the Real Time Information reporting system.
Since October 2014, employers with 50 or more employees have been subject to late filing penalties for sending PAYE information to HM Revenue & Customs (HMRC) late. Smaller employers were exempt from the penalties until 6 March 2015, to give them more time to adapt to the new system.
But last month, HMRC announced that employers would not receive penalties for delays of up to three days in filing PAYE information.
There is no change to PAYE filing deadlines, which means filing on or before each payment date unless certain circumstances apply, which are set out here.
Moore Thompson managing partner Mark Hildred said: “This is good news for smaller businesses, who may have been worrying about potential penalties following the introduction of the new scheme. However, businesses need to remain mindful of HMRC requirements on filing deadlines.
“Outsourcing payroll to a professional provider, like Moore Thompson’s payroll bureau, will give employers real peace of mind that their payroll administration is in safe hands and that they will be kept compliant with HMRC filing and payment requirements.
Our payroll clients also find our service a cost-effective way to free up in-house resources for other priorities. For more information on our payroll services, please contact us.”