Employers warned as HMRC rules change

Mutiny Festival brought over �2m to the local economy Picture: Paul Windsor

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PENALTIES to be issued by HMRC from October this year for late submissions by employers, or their agents, for real time information could incur further fines to businesses, says accountancy firm Wilkins Kennedy LLP.

From this week, HMRC will introduce in-year penalties for businesses failing to file PAYE submissions on time.

A full payment submission is an active way for employers to send in details of employees to HMRC and they must be submitted each time businesses make a payment to an employee.

Lee Beaumont, partner at the WK Portsmouth office, said: ‘HMRC is only going to notify employers quarterly, so the possibility of fines is mounting for many businesses, who may not necessarily know until the bill comes through.’