1463Finance and Accountancy Briefings

Finance and Accountancy Briefing

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Year end reporting for employers - Taxation Briefing

Overview

HMRC issued a Spring Alert on 7 April which announced that they will be issuing penalties for the first time in two key areas:

From this April all employers must submit starter and leaver details (forms P45 and P46) to HMRC online. Until now, employers with less than 50 employees were excluded.
These smaller employers will not be charged penalties initially, but from April, HMRC will be issuing penalties to employers with 50 or more employees. Penalties can be charged quarterly at a rate of between £100 and £3,000 depending upon the number of employees.

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