Content
Leading article...
We can't go on like this...
General tax...
The name is Bond
Blessed are the givers
Excuses, excuses
PAYE the penalty
Silver and gold
Moving goalposts
Doctor, doctor...
Something phishy
Pension problems
Tax dot com
Unpleasant discoveries
Fair's fair (at last)
Chartered taxpayers
This year, next year
VAT...
Focus your mind
Flat rates aren't flat
Reverse the charges
Flapjack flash
Ready set ECSL
A lofty idea
Law items...
I want my lawyer
Not on my holiday
A grey area
No difference
| For years, HMRC have wanted a proper sanction for people who don't pay their PAYE by the due date - the 19th of the month following the month in which the employees get paid (or the 22nd if you pay by electronic transfer). For years, all they've had is the ability to send a red letter asking for the money, and an interest charge if you are late with the year-end payment due on 19th April. From 5 April 2010, they are introducing a penalty for late payments during the year. The first one is ignored, but the rest will be totalled and a percentage applied - 1% if you're late in 2 to 4 months, up to 4% if you're late 11 or 12 times. They want to charge interest as well, but that's unlikely to come in until 2012. On an annual basis, 1% for being a couple of days late is much worse than interest - you have been warned. |
© Bayar Hughes & Co., 2010.