Employer and Contractor Compliance – New penalty regime for late payments planned for May 2010Wednesday, September 9th, 2009
The Finance Act 2009 provides HMRC with powers to impose penalties on employers and contractors in the Construction Industry Scheme that fail to make their monthly or quarterly payments of PAYE in full and on time. The new penalty regime will apply to all employers, irrespective of their size, and will replace the existing punitive surcharge regime that applies only to large employers, i.e. those with over 250 employers.
We have already covered the way in which the penalty regime will operate (to the extent that the Finance Act 2009 describes it) and the details can be found in the Budget 2009 review at the link below.
HMRC has announced that these new penalties for late payment of PAYE will be introduced from May 2010.
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