Are you ready?
Are you and your employer or clients ready for the forthcoming changes to the PAYE system?
From this year all employers and contractors must file their Employer Annual Returns online by the 19 May deadline. This now includes small businesses with fewer than 50 staff, which until now still had the option of filing a paper return.
Members who attended last year’s ICB Regional Seminars were briefed on the changes by a team from HMRC and were given instructions on how to comply with the new requirements.
You will not be surprised to learn that with the new regime comes a new set of penalties for late or incomplete payment of PAYE, which includes income tax, national insurance contributions, student loan deductions, and deductions made under the Construction Industry Scheme. The penalties will be calculated as a percentage of the amount paid late, and for in-year payments the percentage charged increases as the number of late payments in the year increases.
This is a good opportunity for bookkeepers to work with their employers or clients to make sure that penalties are avoided.
Just one more reason why employing a Certified Bookkeeper makes so much sense!