Tax returns: HMRC warning to 300,000 late filers

About 300,000 people who have failed to send in their tax returns for 2010-11 may have their goods seized.

The UK tax body is sending warning letters to those who have now run up late-filing penalties of £1,300 for that year, under self-assessment.

They can still pay, or ask for the penalty to be taken off their income in 2013-14 if they are in the PAYE system.
The letters are part of a continuing campaign against a persistent minority of non-filers.

A spokesman for HM Revenue & Customs (HMRC) said the defaulters could still pay their fines, and submit the late tax returns. Continue reading “Tax returns: HMRC warning to 300,000 late filers”

Real Time Information – what you need to know

With less than three months to go before the first businesses transfer to the new Real Time Information (RTI) system for reporting PAYE, HMRC has continued its awareness campaign . It’s the biggest shake up to the PAYE reporting system since its introduction in 1944, which will mean almost all employers and pension providers must switch to the new system in April 2013.

Currently, employers and pension providers report PAYE data to HMRC on their year-end (P35) return. Through RTI, this data will be sent electronically via regular online submissions each time employees are paid – whether this be weekly, fortnightly or monthly – detailing their pay, tax and deductions. Continue reading “Real Time Information – what you need to know”