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Payroll changes in October 2014

From 1st October, the National Minimum Wage increases as follows:

Over 21 £6.50
18 – 20 £5.13
16 – 17 £3.79
Apprentice £2.73

From 6th October, all employers with 10 or more employees and all new businesses set up in the 2014-15 tax year must be up to date with their RTI submissions. Prior to 6th April, no data was required and no penalties were enforced. From 6th October, all FPS and EPS returns for payments from 6th April must be submitted and in order.

From6th October, a late submission charge for all businesses with 10 employees or more and all new businesses set up in the 2014-15 tax year comes into force, charged on a sliding scale as a percentage of your expected FPS submission value. There will be no charge for one late submission in a tax year (including tax year end, due on 20th April 2015), but each subsequent late submission will be charged as follows:

Number of employees Amount of the monthly filing penalty per PAYE scheme
 1 – 9*  £100*
 10 – 49  £200
 50 – 249  £300
 250 +  £400

*This charge will be waived until March 2015

The following daily interest rate charges will be applied to the outstanding monies owed for all businesses:

Number of late submissions Charged at % of late estimated monetary value
1 – 3 1% of the late estimated monetary value
4 – 6 2% of the late estimated monetary value
7 – 9 3% of the late estimated monetary value
10 or more 4% of the late estimated monetary value

If you have still not paid a monthly or quarterly amount in full, after six months you will have to pay a penalty of 5% of the amounts unpaid. A further penalty of 5% will be charged if you have not paid after 12 months. These penalties may be charged in addition to the penalties for monthly and quarterly payments described in the previous section and apply even where only one payment in the tax year is late.

Standard charges for late, incomplete or incorrect submissions of tax year end information remain and are open to all.

From 19th October, tax payments to HMRC are due for any PAYE settlement agreements declared for any minor, irregular or impracticable payments made to employees in the 2013-14 tax year where the employer bore the tax liability on the payment.

Summary courtesy of Peninsula Business Services.