HMRC is planning to send penalty notices for late or missing monthly tax payments within the tax year as opposed to after April 19, which its current policy.
Many people have criticized the current regime for punishing employers by not been giving them a chance to rectify any mistakes that may have been made in their payment systems. As it stands, employers become aware of late or missing payments after the end of the tax year, by which time interest is charged on the underpayment.
The reason for this is that HMRC does not become aware of the tax and National Insurance due by employers until figures are submitted at the year end.
From October 2013 though, employers will not only have to make PAYE and NI payments every month; they will also be required to file monthly returns.
An HMRC spokesman has said that notices will now be sent as and when they occur.
- HMRC Investigate Fraudulent Job Retention Scheme Claims - June 17, 2020
- Worldwide Disclosure – HMRC and Living Overseas - May 21, 2019
- UK Tax Loan Scheme for Pilots Still Up in the Air - March 20, 2019
Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.
His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.
Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.
Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.