Renewals Notice is the total income for an employee or pensioner. If they have more than one source of income, the figure will show the total income for all sources. If practical, compare this with the year-to-date figure in the employer or pensioner's records for that individual at that point in time. If the figure is correct the employer or pension provider should explain this to their employee or pensioner. If the figure is incorrect, or it is not practical to make a comparison, the employer or pension provider should ask the employee or pensioner to phone the number on the Renewals Notice with the correct income information. It is possible that the information on the Renewals Notice may be out-of-date, for example because the employer or pension provider should send, or has since sent, updated information to HMRC (for example on an Earlier Year Update). However, even if the employer or pension provider, and employee or pensioner, cannot understand why the figure is different the employee or pensioner should still contact HMRC using the number shown on their Renewals Notice. HMRC will then advise accordingly. There is no need for the employer or pension provider to contact the Employer Helpline. HMRC will contact the employer or pension provider if there appears to be any issue with the employer or pension provider's submissions.
PAYE for employers: in-year interest on late payments
16 May 2014
HMRC has published a What’s New message containing important information on how to avoid late payment interest and what to expect if a 2014 to 2015 PAYE or CIS payment is late. As announced in the What's New of 19 March 2014 , HMRC now charges interest on any late PAYE and Construction Industry Scheme (CIS) payments. For employers that pay monthly, the first payment of 2014 to 2015 is due on 19 May (or 22 May for employers who pay electronically).
To avoid an interest charge employers should pay by the due date, the difference between the following:
what they report on their Full Payment Submission(s) (FPS) received by the 19th of the month following the end of the tax month it relates to, together with any CIS charges for that tax month any deductions reported on an Employer Payment Submission (EPS), again received by the 19th of the month following the end of the tax month it relates to If employers make a correction on an FPS that HMRC receives after the 19th of the month following the end of the tax month it relates to, the correction will be included in the following month’s charge. In these circumstances, the amount payable for the tax month is the amount actually reported by the 19th (rather than the corrected amount).
Interest Charges
HMRC will charge interest on all unpaid:
CIPP Policy News Journal
08/04/2015, Page 263 of 521
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