The Inland Revenue are clamping down on holding back payment of Tax and NI. This does not only affect none or late payment but also if the employer has underpaid/not paid in full.
Please see the below important information:
- Within the tax year, employers will be allowed one late payment.
- It applies to all employers large or small
- Employers will not know about any penalty until the end of the tax year – i.e. April/May 2011
- Even one day late will generate a penalty
- In future if the payment is late or underpaid the employer will be fined immediately. However, HMRC have not issued any timeframe for this.
If you have any problems paying on time please contact: 08453021435 (Business Payment Support Service) as you may be able to make a one off arrangement. The request must be made prior to the due date of the payment.
For more information see: http://www.hmrc.gov.uk/paye/problems-inspections/late-payments.htm