HMRC announces penalty information for tax years ending 5 April 2013 and 2014
HM Revenue and Customs (HMRC) have published the penalty regime for late and inaccurate returns for 2012-13 and 2013-14.
As expected, there will be no change to the current penalties for late filing of returns for years 2012-13 and 2013-14. Therefore penalties will continue to apply at the tax year end. When an in-year Full Payment Submission (FPS) is submitted late, no penalty will be charged.
If an employer still has information to send after 19 May following 5 April a penalty will arise.
Penalties are calculated on the basis of £100 per 50 employees and continue to accrue for each month (or part month) that a return remains outstanding after 19 May.
For year ending 5 April 2013, no penalties will apply for inaccurate in-year FPS. Penalties may be charged at the end of the tax year based on the final FPS for the year.
The position changes from 6 April 2013 when penalties for inaccuracies may apply to in-year returns.
Below is a link to the HMRC website, which provides more information on the penalty regime.