Late PAYE Payments
The Revenue will be following a new penalty system in the new tax year for late monthly/quarterly PAYE payments where you make any of those payments late!
The amount of the penalty depends on how many times you have already made previous payments late in that same tax year. It is based on a %age of the total amount which is late but lets you off the first time it happens. The %ages are:
|
Frequency
|
%
|
|
Only late once
|
Nil
|
|
2 – 4 times
|
1
|
|
5 – 7 times
|
2
|
|
8 – 10 times
|
3
|
|
11 or more times
|
4
|
Gone are the days when you could keep the money in your business and only pay it over by the 19/22 April after the end of the tax year.