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October is going to be a busy month for PAYE

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It seems now more than ever is the time to make sure you are on top of your payroll each month with some noteworthy changes in October:

Increase in National minimum wage from 1st October

Over 21 – £6.50 p/h

18-20 – £5.13 p/h

16-17 – £3.79 p/h

Apprentice – £2.73 p/h

Then an even bigger change: PAYE late filing penalties

From 6th October, All employers with 10 or more employees and all new businesses set-up for PAYE in the 2014-15 tax year must be up to date with their RTI submissions, as from this date and after the first late submission in a tax year, each subsequent late submission will be charged as follows:

1-9 employees – £100  – This is not being enforced until 5 March 2015 but is worth bearing in mind.

10-49 employees – £200

50-249 employees – £300

250+ employees – £400

The following daily interest rate charges will also be applied to all outstanding employer payments not paid in full and on time:

  • 1-3 late submissions will be charged as 1% of the last estimated monetary value
  • 4-6 late submissions will be charged as 2% of the last estimated monetary value
  • 7-9 late submissions will be charged as 3% of the late estimated monetary value
  • 10 or more late submissions will be charged as 4% of the late estimated monetary value

If you have still not paid a monthly or quarterly amount in full, after six months you will have to pay a penalty of 5% of the amounts unpaid. With a further 5% penalty after 12 months.  These are in addition to the penalties above and apply even if only one payment in the tax year is late.

lauren@fullstopacccounts.co.uk


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