Late Reporting Rti Paye

[elisaelisa]

Hi,
I am established as an Ltd in England where I am the only employee receiving 800 pounds/month wage. I am hoping the Ltd will be able to have a positive balance someday next year and I will finally receive my salary in a retroactive basis. Despite not receiving my salary for now I believe this arrangement allows me contributing to my pension, etc without paying much NICs/tax until I reach the time to generate some profit. Regarding my 2014-15 accountability I have not reported the RTI PAYE since August 2014 (I thought I could do it at the end of the 2014-15 tax year) and I have submitted only one EPS in October 2014. I just realised the Gov is applying penalties for late reporting since late 2014 and I have missed other reporting documents like the FPS. How would you recommend reporting from August 2014 up to now to minimise the penalties that would apply for late reporting? Thank you for your time.

[Buenchico]

There's no way of bending the rules that will help you. For example, it would be no good to report that your employee had done no paid work for several months and then earned a large amount in a single month later on. You would still face penalties for failing to send a 'nothing to report' EPS within the specified time frame for the (apparent) months without pay.

Simply declare everything a.s.a.p. (and pay any penalties now due) to avoid things mounting up any further.

A useful link:
http://www.rossmartin.co.uk/penalties-a-compliance/penalties-appeals/1246-tax-penalties-rti