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HM Revenue & Customs are to issue reminders to employers who have missed the deadline for filing their employer annual returns much sooner than previously. The change will take place to avoid the accumulation of penalty charges as a result of missing the deadline.

Previously, HMRC would issue a reminder to an employer regarding the yearly P35 return form in September following the 19th May deadline. This could mean that four months of penalties had built up by this time. An agreement has been reached between various tax bodies and HMRC, including the Institute of Chartered Accountants in England and Wales and the Association of Taxation Technicians. HMRC will now issue a timely reminder to employers who miss the deadline within one month. The letter will inform the employer that a penalty has been incurred and what action can be taken to avoid the outstanding amount increasing.

Businesses that outsource to a small business accountancy won’t have to worry about late filing of the employer return, which prevents an unexpected and unnecessary penalty charge being incurred. For each month, or part of a month that an employer return is outstanding, HMRC charge £100 penalty. This charge will accrue interest if it isn’t paid and the return submitted.

Other improvements made by HMRC include the issue of a reminder to file letters to employers much closer to the deadline. The letters will be issued in March rather than February. Employers will also be told about the filing deadline when they set up a PAYE scheme so that a penalty is avoided.

 

 

 

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