UUÂãÁÄÖ±²¥

Late payment penalties for PAYE / NIC

Produced by Tolley in association with
Owner-Managed Businesses
Guidance

Late payment penalties for PAYE / NIC

Produced by Tolley in association with
Owner-Managed Businesses
Guidance
imgtext

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:

  1. •

    income tax payments via PAYE

  2. •

    student loan deductions

  3. •

    payments under the CIS, and

  4. •

    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

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+â„¢
Philip Rutherford
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.

Powered by

Popular Articles

Allowable deductions for employee-related expenses

Allowable deductions for employee-related expensesThis guidance note covers the tax treatment of some common types of trading expenditure relating to employees. Some of these are disallowable under general principles, for example the wholly and exclusively test or capital versus revenue expenditure.

14 Sep 2022 09:49 | Produced by Tolley Read more Read more

Premiums on the grant or surrender of a lease

Premiums on the grant or surrender of a leasePremiums on the grant of a lease ― outlineWhen a property investor grants a lease, potentially this could be done on the basis that the tenant pays a premium for the initial grant of the lease, in addition to also paying rent over the term of the lease.

14 Jul 2020 12:58 | Produced by Tolley in association with Rob Durrant-Walker of Crane Dale Tax, part of AMS Group Read more Read more

Married couple’s allowance

Married couple’s allowanceThe married couple’s allowance (MCA) is only available if one of the two spouses or civil partners was born before 6 April 1935. This means that one member of the couple must be at least 89 years old on 5 April 2024 to qualify for an allowance in the 2023/24 tax year.There

14 Jul 2020 12:13 | Produced by Tolley Read more Read more