The deadline for making the payment of your monthly PAYE liabilities is on the 22nd of each month. For September 2024, this falls on a Sunday. What should you do to avoid late payment?
For employers who make monthly payments of tax and NI under PAYE, each tax month runs from the 6th day of the month to the 5th of the next month. So, the August tax month ended on 5 September 2024. Payment of the liabilities due under PAYE is then due on the 22nd, i.e. 22 September 2024 for the August tax month. Note that this only applies to electronic payments; the deadline for cheques is three days earlier.
Occasionally, this will fall on a weekend or bank holiday, as it will this month. It is worth checking that your chosen payment method will reach HMRC by Friday 20 September to avoid interest and penalties. In particular, if you are setting up a direct debit for the first time, ensure it will clear in time. If not, you may wish to make a Faster Payment instead. Guidance on the timings for different payment methods is available here.
This article has been reproduced by kind permission of Indicator – FL Memo Ltd. For details of their tax-saving products please visit www.indicator-flm.co.uk or call 01233 653500.