NEW VARIABLE PAYMENT PLAN FOR TAXES

HMRC are introducing a new payment method for employers to pay taxes to HMRC. The variable Direct Debit payment plan will be available to employers from 19th September 2022.

Employers and Businesses who deduct CIS will be able to set up a DD instruction, authorising HMRC to collect the taxes due directly from the business bank account (deductions will be based on the filed submissions).

If signed up to the Variable Payment Plan (and once the returns have been received by HMRC), the following charges which will be collected:

• Full Payment Submission
• Employer Payment Summary
• Construction Industry Scheme
• Apprenticeship Levy
• Class 1A National Insurance
• Earlier Year Update

Further information can also be found on the HMRC bulletin here.