Real Time Information Update

If you have more than 9 employees and fewer than 50, you should have started Real Time Information (RTI) from 6 April.  Businesses with 9 employees or fewer must now also start real time reporting. However, existing employers with 9 or fewer employees will now not have to start RTI until April 2016. They can continue to submit information to HMRC just once by the end of each tax month, even if employees are paid weekly or more frequently.  New businesses cannot make use of this relaxation.

Late payments: you are allowed to be late with one monthly or quarterly payment without incurring a penalty. But a second late payment will mean a penalty of 1% of the tax due, with the percentage increasing for each subsequent late payment during 2014/15. Harsher penalties will apply if you are more than 6 months late. HMRC has gone ahead with interest, so any late payment will also attract daily interest.

Late filing: After 6 October you will not be penalised for your first late submission, but any subsequent late submission will mean a penalty. Penalties range from £100-£400 depending on the number of employees.

Inaccurate filing: Incorrect submissions could attract a penalty if you do not take reasonable care, so it is worth taking the extra time to ensure accuracy.

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