Revenue publish guidance on PAYE Real Time penalties
HM Revenue & Customs (HMRC) has published guidance on the penalties for filing late and inaccurate returns, for employers operating PAYE via Real Time Information (RTI).
The new RTI regime comes into effect in April 2013, and will require employers to submit information to HMRC about the payments and deductions they have made under PAYE, at or before the time of payment.
HMRC has now confirmed that for the tax years 2012/13 and 2013/14 there will be no change to the existing penalties for late filing of returns, and there will be no penalties if in-year Full Payment Submissions (FPSs) are submitted late. However, penalties may be charged after the end of the tax year, based on the final FPS for the year.