Late payment penalties for PAYE / NIC

Produced by Tolley in association with

Owner-Managed Businesses

Guidance

Introduction

The late payment of income tax and National Insurance contributions (NIC) via PAYE, student loan deductions and income tax due under the construction industry scheme (CIS) will attract both interest and penalties.

The late payment penalties apply to all employers and contractors regardless of size. The regime covers all payments made throughout the year, whether on a monthly or quarterly basis, and includes all payments in respect of:

•
income tax payments via PAYE
•
student loan deductions
•
payments under the CIS, and
•
Class 1 NIC via PAYE

FA 2009, Sch 56, para 5

Since October 2013, most employers are now required to file PAYE returns in real time. The RTI requirements govern how and when filings have to be made. For further information on RTI, please refer to the Real time information guidance note in the Employment taxes module. While RTI governs the nature of the submission to HMRC, it has not changed the due dates for filings, and paying tax and NIC to HMRC. There are separate

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Philip Rutherford

Senior Tax Director at Molson Coors Brewing Company

Phil is the Senior Tax Director for Molson Coors' European operations. He has responsibility for both direct and indirect taxes across both EU and non-EU states. Prior to this, Phil was responsible for Molson Coors UK tax affairs covering all major taxes and duties. Phil trained at KPMG LLP, where he worked for 8 years, specialising in tax investigations across both direct and indirect tax.

Popular Articles

Personal Tax

Simple assessments

Simple assessmentsFrom 2016/17 onwards, HMRC has the power to make a ‘simple assessment’ of the taxpayer’s income tax and / or capital gains tax liability outside of the self assessment system. As HMRC already receives significant amounts of information on the income received and tax paid by

14 Jul 2020 13:40 | Produced by Tolley Read more

Trusts and Inheritance Tax

Tax on UK resident beneficiaries of non-resident trusts ― overview

Tax on UK resident beneficiaries of non-resident trusts ― overviewIntroductionUK resident beneficiaries of non-resident trusts are subject to UK tax on payments or benefits received from the trust. They are liable for income tax on income distributions from the trust and they may also be liable to

14 Jul 2020 13:47 | Produced by Tolley Read more

Autumn Budget 2024

Corporation Tax

Entity classification

Entity classificationImplications of entity classificationIf a subsidiary is established, it is important to determine how it will be treated for UK tax purposes as this will determine the basis on which it is taxed. A subsidiary may either be transparent (like a partnership, where the individual

14 Jul 2020 11:37 | Produced by Tolley Read more

��Ӱ��