PAYE for employers: help for preparing for 2014-15
19 March 2014
HMRC has produced two helpsheets on getting ready for April 2014 and the tax year ahead.
The helpsheets cover:
- what employers need do to get ready for their final 2013-14 submission and the start of 2014-5 - and the changes they will see in 2014-15
- in-year interest charges being introduced from 6 April 2014.
Preparing for 2014-15
Employers can use this helpsheet as a ready-reference whilst preparing their businesses and PAYE affairs for the end of 2013-14 and the start of 2014-15. The helpsheet provides a checklist of what to do to get ready for the start of 2014-15, including:
- making a correct final PAYE 2013-14 report
- taking action if they have missed their deadline for starting to reporting in real time
- a reminder to annual filers to be ready to submit their final report if they haven't already.
Details of the changes employers will see from 6 April 2014:
- on a Full Payment Submission (FPS)
- on an Employer Payment Summary (EPS)
- to interest
- to correcting errors for an earlier year
- to Generic Notification Service electronic messages.
A forward look for changes later in the year:
- in-year penalties
- online appeals.
Interest from 2014-15
This helpsheet sets out in brief how the new, in-year interest will operate from 2014-15, providing information on, amongst other things:
- what will change with the way HMRC charges interest
- how interest will be calculated
- how HMRC will calculate interest on a charge that employers didn't agree with.
The ‘What's new’ message of 18 February 2014 has a link to a helpsheet providing a step-by-step guide on sending the final 2013-14 submission to HMRC: Employers' final PAYE submission for 2013-14