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Are you aware of your responsibility as an employer for reporting to the Inland Revenue and the Department of Social Security at the end of the tax year certain information on all the people you have employed during the tax year. With the 5th April fast approaching Alexandra Durrant reminds you of the returns and the deadlines |
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This form must be prepared for each employee, including leavers, for whom a payroll records has been maintained. The forms are submitted with the Form P35 at the end of the tax year. There is a new form for 1997/98 and you must order these from the Inland Revenue on 0345 646 646. All employees employed at the end of the tax year must receive their P60's by 31 May 1998. |
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This form summarises the P14/60's and must be filed by 19th May, extended to 26 May 1998, together with the P14's. The information on both the P35 and P14/60 can be supplied to the Revenue on magnetic media with prior agreement. |
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These forms list expenses and benefits provided to an employee during a tax year and must be filed by 6th July 1998. Copies of P11D's must also be provided to employees. There are penalties for filing the documents late and or completing them incorrectly, whether fraudulently or by mistake. |
| Late Submission P35 and P14/60 |
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There is an automatic penalty of ?100 for each group, or part thereof, of 50 employees for each month the filing is late up to a maximum 12 months, plus 100% of any PAYE and NIC outstanding at the tax year end. P11D/P9D, there is a potential initial fine of ?300 per document plus a further ?60 per document per day that failure to file continues. Completion Error : The fine for a fraudulently or negligently completed form is a maximum ?3,000 per document. In addition the Collector of Taxes can charge interest on any PAYE and national insurance paid later than the 19 April 1998. Interest is currently charged at 9.5% p.a. |