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SMEs: get your PAYE done by March 6 or risk fines HMRC warns

Her Majesty’s Revenue & Customs has issued its final warning to SME owners with 50 or fewer employees: get your PAYE in by March 6 unless you relish fines.

The tax authority was rather vehement to get the warning out, which applies to anyone who runs their own business. For the most part this leaves freelancers and contractors out, but limited companies with at least employee will have to deal with the whole Pay As You Earn headache. HMRC has been incredibly keen to get everyone aboard on their new PAYE information filing changes. To give the taxman some credit, it did say that you won’t be slapped with any fines if you get your PAYE information in within three days of the deadline – a rather magnanimous move on the tax authority’s part if I do say so myself.

It doesn’t stop there, either – apparently HMRC is reviewing late payment penalties on a risk-assessed basis instead of just sending them out higgeldy-piggeldy. Not only that, the taxman is also doing its best to reduce the number of unnecessary penalties by closing something like 15,000 PAYE schemes in March. All of these schemes, which under all intents and purposes haven’t been used to make a PAYE report since April of 2013, seem to be defunct; However, the tax authority will indeed be checking in with these schemes prior to closing them to inform them of what needs to take place if PAYE is still being operated by them.

To be completely honest I’m bloody shocked at how many positive changes HMRC is instituting to PAYE. It’s about damned time that the taxman finally realised what a pain in the arse PAYE is for more or less everyone that has ever been an employee or has had an employee, especially in light of how abysmal that whole Real Time Information rollout that HMRC tried to push on everyone a year or so ago. That was an unmitigated failure if you ask me – and many other people – so it’s just nice and gratifying to see that HMRC is cleaning up PAYE instead of making it worse and worse for a change. Honestly, hat’s off to the boffins at the Treasury.

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