PAYE deadline approaches

Payroll

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. Doing so 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.

 

For more information regarding PAYE and Payroll, please contact our Payroll department on 01460 68700 or email payroll@lentells.co.uk