TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Real Time Information Update

HMRC has made updates to a number of PAYE guidance pages to reflect changes employers will see from April 2014. In addition a further reminder has been issued to employers about the PAYE filing and payment position for employers reporting PAYE in real time.

Due dates for payment remain unchanged. HMRC should receive:

  • cheque payments by the 19th of the month following the end of the tax month or quarter to which it relates
  • cleared electronic payments by the 22nd

Reporting PAYE in real time advises HMRC how is due each month. If the amount reported exceeds the quarterly payment limit (£1,500 per month) HMRC will notify the employer and expect monthly payments thereafter.

If an employer doesn’t submit the Full Payment Submission (FPS) or a nil Employer Payment Summary (EPS) on time, HMRC may raise an estimated charge - referred to as a ‘specified charge’. A specified charge is HMRC’s calculation of what is owed based on the employer’s previous PAYE filing and payment history. HMRC will raise a specified charge for each tax month that the employer fails to send a real time FPS or nil EPS.

For January 2014 any amended or correction FPS and EPS received after 19 January 2014, i.e. received late, will be taken into account in calculating the employers payment for February or the next quarter.

Employers are also reminded that there are a number of potential changes to a business that can have implications for the operation of PAYE. HMRC’s guide ‘PAYE if your business closes or changes’ sets out what must be done in some of the most common cases.

The update also contains a reminder of ‘PAYE final submission for the year and end-of-year tasks’.

Readers are also advised that HMRC’s Business Tax Dashboard is not showing the correct payment position for tax month 8 for some PAYE schemes. HMRC is currently investigating the number of records affected by this error which arose because of an IT change made to HMRC’s systems on 21 November 2013 that was corrected on 16 January 2014. HMRC wishes to reassure employers that they will not be pursuing any apparent debt relating to this issue and that data for the affected schemes should now be correct.