interest on paye

Posted on 28 Apr 2023
Share Blog Post

HMRC have published guidance on changes to how interest will be charged on employers" late payments for PAYE and the Construction Industry Scheme (CIS) charges for 2014–2015 say Harris & Co accountants Northampton #accountantsinnorthampton

From tax year 2014–2015 onwards, HMRC will charge in-year interest, rather than annual interest, on all unpaid PAYE tax, Class 1 National Insurance, and Student Loan deductions including specified charges; CIS charges; in-year late filing penalties (from October 2014); and in-year late payment penalties (charged automatically from April 2015).

The guidance explains how employers can avoid an interest charge; what happens if employers need to correct a full payment submission during the tax year; how interest will be calculated and how this will be communicated to employers. It confirms that HMRC will pay interest on overpayments in-year. The guidance also covers right of appeal and payment difficulties.

View more blog posts

NIC hammer blow
Posted on 23 Jun 2025
NIC hammer blow
read more
Youth mobility scheme
Posted on 21 May 2025
Youth mobility scheme
read more
Businesses unaware of MTD
Posted on 14 May 2025
Businesses unaware of MTD
read more
Two tier tax system introduced
Posted on 07 May 2025
Two tier tax system introduced
read more
Back To Top
01604 660661