According to accounting group UHY Hacker Young. Late payments and overdue tax returns have resulted in HMRC imposing a record £860m in penalties on individual taxpayers in 2018-2019. This is up 24% from £694m.
UHY say a slow economy means people have less of a cash cushion leading to an increasing number of people struggling to pay their tax on time, or simply having no money to pay the tax bill.
The penalties cover late payments of tax and people filing their tax returns late. The penalties are high and so we do everything we can here at our head office in Birmingham to make sure all Payroll Masters’ outsourced payroll clients have all the information they need, well in advance, so they can complete their tax returns and pay their tax on time.
If your tax return or tax payments are more than six months overdue the penalty is 5% of the tax due. For the late filing of a tax return the penalty is £100. Then £10 per day if your tax return is 3 months late!
For peace of mind that P60s, P11ds and other personal tax requirements for your employees are available and correct, outsource your payroll function to us. We provide our services to people employing one or two people through to organisations employing hundreds of people. We are always available to talk to you about your requirements and how we can help. Contact us now.