RTI has been with us for a while now. Interest charges already apply and penalties are on their way.
Interest
Employers who pay their PAYE deductions late are subject to a new, automatic, interest-charging regime. Interest is added automatically to the employer’s tax account. It is now possible to set up access to your HMRC individual Tax Dashboard which will show your various liabilities and payments record.
Penalties – late filing
From 6th October 2014 emplyers will also be charged late filing penalties. Currently, penalties will only be charged annually, based on the number of late payments there have been in the year. From April 2015, the system will do this quarterly automatically. The charge will be from 1% to 4% of the amount paid late, plus an additional 5% or 10% for serious lateness.
