This tax year has been one of transition; one in which the vast majority of employers began to successfully report information about their PAYE schemes in real time.
With April approaching, you need to start thinking now about preparing to make your final submission for the 2013-14 tax year.
It will be a different process to previous years and it's always best to get ahead of the game.
For most employers, the final submission will be their final Full Payment Submission (FPS)showing the very last employee payment for 2013-14.
Don't try to send forms P35 or P14 for 2013-14 or later tax years - if you do they'll be rejected !
The start of the new tax year will see a number of changes including new in-year penalties for late payment and late filing which were scheduled to be introduced from this April. However, having listened to customer feedback, HMRC has decided to stagger the start of these penalties to give everyone involved more time to adapt to reporting in real time.
Under the new extended timetable, employers who are late sending their submissions won’t be charged late filing penalties as long as they bring themselves fully up to date by 5 October 2014.
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