According to an article in October’s Accountancy magazine HMRC have started issuing fines for late in-year PAYE/NICS payments in 2010-11. This is not about late payments after the year-end has been filed – these have always carried interest penalties. These new penalties have been raised where employers have consistently missed the monthly settlement deadline for all or most months in the 2010-11 tax year. HMRC are charging 4% of annual payroll deductions in these circumstances.
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