Do you have PAYE problems? Are you in a situation where you are struggling with your latest PAYE or NI Contribution payments or haven’t managed to keep up with filing your monthly returns?
If you do have PAYE problems there are late payment penalty charges that apply to all employers and contractors. You will be charged a penalty even if one PAYE amount is late in a tax year. The penalty amount for the PAYE problem will depend on how much owing and how many times your payments are late in a tax year.
Penalty charges for PAYE problems can be 5 per cent of the amount owing and then you may have to pay a further 5 per cent if you have not paid the full amount within a 5 month period of the penalty date within the UK. Following this there will be a further 5 per cent charge if the penalty has still not been paid with 11 months of the penalty date. This is why it is very important to avoid any PAYE payment problems.
Take action now you owe it to yourself, your business and to your employees to keep up to date with PAYE or NIC Contributions and to avoid PAYE problems.
What is PAYE?
PAYE stands for Pay As You Earn and refers to a system of paying income tax and national insurance contributions. PAYE is a way of withholding income tax from payments to employees. By using PAYE an employer deducts tax and national insurance contributions from an employee’s wages before they actually pay the wages.
Amounts withheld are treated as advance payments of income tax due. PAYE also refers to withholding a portion of an employee’s National Insurance. If you have PAYE problems then you can incur late payments penalties from HMRC. To avoid these penalties for PAYE payment problems call one of our highly experienced senior PAYE problems and tax problems advisers now on FREEPHONE 0800 622 6096