Topical advice on how interest is being accrued on late payments.
Employers will be able to see an estimate of the interest building up on late payments on the Business Tax Dashboard. Those who pay electronically will have seen this from 19 May. It will appear until they pay electronically on 22 May. According to HMRC, it will then be cancelled.
HMRC has highlighted in PAYE for employers: in-year interest on late payments important information on how to avoid late payment interest and what to expect if a 2014 – 2015 PAYE or CIS payment is late.
Article contributed by ACCA