Revenue 'sympathetic' over deadline after attacks
Revenue will be sympathetic to employers who miss employer benefit forms deadline as a result of the terror attacks
Employers who submit benefit forms late as a result of last week’s terror
attacks will be dealt with ‘sympathetically’ by the Inland Revenue.
The deadline for employers’ benefit forms – which include form 42, detailing
an employers’ issuance of securities and options, and P11D, which covers
expenses and benefits – was July 6.
However, the Revenue has said it will be reasonable over the late arrival of
the forms which were due in last Wednesday.
A Revenue spokesman told the Financial Times that, ‘there is no
question of any customer affected by Thursday’s tragic events having to pay a
penalty because a return was submitted late’.
There is an initial penalty of £300 for late forms, with a further £60 for
each day they are not received. And there are other, more severe, penalties.
The FT reported Ellie Gamble, senior tax manager at Grant Thornton,
as saying: ‘if P11D is filed late, the normal penalty is £300. If it is returned
incorrectly, the penalty rockets to £3,000. And if unapproved share awards to
over 1,000 employees are unreported, the penalty can be as high as £300,000.’