Real time reporting system is ‘going really well’, says HMRC
HMRC has announced that it will not impose penalties for late in-year full payment submissions (FPSs) until April 2014, and there will be no automated late payment penalties until April 2014.
The current penalties for late filing of annual returns, due by 19 May, will continue to apply.
For 2012/13 HMRC will not charge penalties for inaccuracies identified on in-year FPSs, but penalties may be charged after the end of the tax year, based on the final FPS.
For 2013/14 in-year penalties may be applied to inaccuracies on FPSs. ‘HMRC will use the same considerations as now to identify employers for compliance visits. If HMRC discovers inaccuracies as a result of a review, it will use the same criteria as now to decide whether a penalty applies and if so, how much it should be,’ the department said.
‘Straightforward’
Suzanne Newton, programme director for RTI, said: ‘After stakeholder consultation, we have published our guidance on late and inaccurate returns sent in real time. This will give most employers a year to get used to reporting in real time before implementing the new penalties.
‘The delivery of PAYE real time reporting is on track. HMRC has been piloting RTI since April 2012 and it is going really well. After our most recent pilot expansion, we now have PAYE information for over 2.1m individual records successfully reported in real time from more than 15,000 PAYE schemes. Feedback from pilot employers is that reporting in real time is straightforward for the vast majority of them.’
HMRC expects PAYE records for around 6m individuals to be reported in real time by March 2013.
Real time reporting system is ‘going really well’, says HMRC
HMRC has announced that it will not impose penalties for late in-year full payment submissions (FPSs) until April 2014, and there will be no automated late payment penalties until April 2014.
The current penalties for late filing of annual returns, due by 19 May, will continue to apply.
For 2012/13 HMRC will not charge penalties for inaccuracies identified on in-year FPSs, but penalties may be charged after the end of the tax year, based on the final FPS.
For 2013/14 in-year penalties may be applied to inaccuracies on FPSs. ‘HMRC will use the same considerations as now to identify employers for compliance visits. If HMRC discovers inaccuracies as a result of a review, it will use the same criteria as now to decide whether a penalty applies and if so, how much it should be,’ the department said.
‘Straightforward’
Suzanne Newton, programme director for RTI, said: ‘After stakeholder consultation, we have published our guidance on late and inaccurate returns sent in real time. This will give most employers a year to get used to reporting in real time before implementing the new penalties.
‘The delivery of PAYE real time reporting is on track. HMRC has been piloting RTI since April 2012 and it is going really well. After our most recent pilot expansion, we now have PAYE information for over 2.1m individual records successfully reported in real time from more than 15,000 PAYE schemes. Feedback from pilot employers is that reporting in real time is straightforward for the vast majority of them.’
HMRC expects PAYE records for around 6m individuals to be reported in real time by March 2013.
