HMRC to start fining employers for late real-time returns from October
Date published: 08 September 2014
Employers risk new HMRC penalty regime - HMRC to start fining employers for late real-time returns from October
From 1 October the vast majority of UK employers could incur fines from the taxman for late returns under the Real Time Information (RTI) system, ACCA (the Association of Chartered Certified Accountants) warns today (8 September).
HMRC (Her Majesty’s Revenue and Customs) introduced real time reporting in 2013 for the largest employers but has since been rolled out to cover all UK companies. Although micro companies, those with nine or fewer employees are exempt from filing returns in real time, they do still have to complete their returns using the RTI system and will still be caught by the penalty regime if they fail to file in their agreed time scale with HMRC.
Chas Roy-Chowdhury, ACCA head of taxation, said: “The RTI system has been in place for more than a year now, but many employers may not be aware that fines for late filing are due to begin. Fines are a drain on any business, especially the smaller companies, where cash-flow is often tight.
“The majority of businesses should be well versed in RTI filing by now, but if you are having problems you should seek the advice of an ACCA accountant. It is far better to seek help than face a fine.”
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