tax penalties
Penalties for late PAYE payments beging - 20 December 2011
HMRC have commenced notifying employers of the raising of Penalties for 2010/2011 when PAYE payments have been received late. The penalties are on a sliding scale form 1% to 4%. HMRC will not charge a penalty if there was only 1 payment late. read the full details
Late PAYE payment penalties commence April - 22 March 2010
April sees the introduction of a new set of penalties for the late payment of PAYE, NI, CIS deductions and student loan payments. Up until now it has been quite easy and quite common for employers to delay payment or indeed underpay their monthly PAYE liabilities. After all who was to know and what were the consequences.
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Late PAYE Payment Penalties - 22 January 2010
For the first time HM Revenue and Customs are introducing monthly penalties for late payment of PAYE,NIC and CIS. The penalties are based on the number of defaults in a 12 month period. The first late payment will not incur a penalty however subsequent late payments will be penalised as follows:-
read the full details
Harsh new P35 and P14 Penalties - 13 January 2010
From 6 April 2010 HM Revenue and Customs are increasing the penalties incurred for the late filing of the P35/P14 forms and the P11D/P11D(b) forms.
At present the current penalty that applies to the late submission is £100 per 50 employees. HMRC are often quite late in issuing these penalties and it can often be November before HMRC start to issue penalty notices by which time your business can often already have accrued £400 of penalty.
The new penalty regime will be as follows:-
read the full details
Outsourcing payroll to save time and money - 17 July 2009
Payroll is an integral part of running any sort of company, anywhere in the world. Wherever there are employees, even within your own home, there will be the issue of payroll. Payroll is just as applicable for the nanny you hired as it is for each employee of your company.
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Fewer tax penalties with professional outsourcing - 02 July 2009
Any established business today is fully aware of the crippling penalties that can be incurred when their taxes are incorrect or late. The Inland Revenue do not accept excuses; they have strict rules in place and tax penalties are a terrible waste of your valuable resources.
The problem is that in many businesses, problems will crop up and mistakes creep in. This happens even with competent staff onboard. Unnecessary tax penalties can be a drain on cash flow and to make it worse, they are not deductable on business tax returns.
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