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PAYE payment deadline approaches
Employers have about a month to make electronic PAYE payments for April, ahead of the deadline on 22 May 2022.
HMRC is warning taxpayers that this deadline falls on a weekend. This means payment needs to reach HMRC by 20 May, unless faster payment is available.
Any late payments will incur a penalty, so it is recommended you check single transactions, daily value limits and cut-off times with your bank or building society.
If employers need to register for a PAYE settlement agreement (PSA) or make any amendments to an existing PSA, they have until 5 July for the 2021/22 tax year. Any additional items added to a PSA will result in an appendix to an existing agreement, not a new agreement.
Employers who have not yet registered to payroll expenses and benefits are also being encouraged to sign up for the tax year 2023/24. Payrolling will mean employers will no longer need to submit a P11D for each employee, making the process easier and quicker.
Those who had an informal agreement with HMRC to payroll benefits in 2021/22 should plan to formalise an agreement soon, as HMRC may no longer accept new informal arrangements.
Talk to us about PAYE and payroll.