First RTI quarterly PAYE payments due Friday

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First RTI quarterly PAYE payments due Friday
HMRC has sent out a reminder that July is the first month when quarterly payments for PAYE will be made under the new RTI system, along with any Class 1A National Insurance contributions (NICs) for 2012-13 which are due, reports chartered accountant Harris & Co, who are small businesses accountants providing accountancy services.
The deadlines for quarterly payment of PAYE deducted between 6 April and 5 July 2013 are 19 July for cheque payments and 22 July for electronic transfers. HMRC says that Class 1A NICs payment due by these dates should be made separately.
Employers should pay the total amount shown on Full Payment Submission(s) (FPS) for a tax month, including any corrections or adjustments submitted on or before the 19th of the following month, less the amount shown on any Employer Payment Summary (EPS), also submitted on or before the 19th of the following month.
For quarterly payments, the amount due for the first quarter (the period between 6 April and 5 July 2013) will consist of the FPS, any amendments to those, plus any EPS, received by 19 July 2013. Employers can also use an FPS to correct certain errors, provided it is sent online by 19 July, not 22 July, even if payment is made electronically.

HMRC is warning that if employers report amounts under the RTI system that exceed the quarterly payment limit, they will be expected to pay monthly in the future.

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