PAYE reporting for early payments of earnings at Christmas
[ad_1] It is common practice for employers to pay earnings earlier than the normal or contractual payday at Christmas. But what date should employers quote on their PAYE RTI full payment submission (FPS)? And when should they submit the FPS to HMRC? In its latest Employer Bulletin, HMRC reminds employers who pay employees early at […]
Resolving HMRC employer liabilities payments account errors
[ad_1] ICAEW’s Tax Faculty requests real-life examples to help convince HMRC of the problem. Over the years, ICAEW’s Tax Faculty has received many reports of differences between HMRC’s employer liabilities & payment (L&P) account figures and employers’ own records. These have often proved difficult to resolve. Employers have lost trust in HMRC’s employer L&P records, […]
New HMRC interest rates for late and early tax payments
[ad_1] Following the Monetary Policy Committee decision to increase the Bank of England base rate to 4%, HMRC has announced increases to both interest charged on late paid tax and the rate paid on repayments of tax. As HMRC interest rates are linked to the Bank of England base rate, the decision on 2 February […]
HMRC interest rates for late and early payments increase again
[ad_1] As HMRC interest rates are linked to the Bank of England base rate, its 15 December increase from 3% to 3.5% has triggered another increase in rates for late payments and repayment of tax. HMRC has announced increases to both interest charged on late paid tax and the rate paid on repayments of tax. […]