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).
From the date a payment is due and payable to the date it is paid in full, HMRC will charge interest daily. 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
For more detailed information from HMRC of these updates, please click here.