TaxAdministrationMistakes in filing P11D forms could be costly

Mistakes in filing P11D forms could be costly

KPMG is warning firms of potentially high penaltires for mistakes in filing P11D forms

KPMG says indications are that HMRC is
more likely to impose penalties now than in previous years.

While filing file P11D forms any later than July 4, this year will result in
employers receiving a £100 penalty from HM Revenue & Customs (HMRC), KPMG
warns that a mistake on a P11D form could cost them 30 times as much, according
to Director of Fianance.

The maximum penalty HMRC can impose for an incorrect P11D form is £3000, but
a penalty can also lead to an increased ‘risk profile’ with HMRC, potentially
affecting the way in which HMRC deals with the firm concerned in the future.

‘We are seeing tax inspectors taking a much more adversarial stance and
showing a greater appetite for imposing stricter penalties. As the fine is per
incorrect form submitted, the penalties can soon add up,’ John Chaplin, KPMG
employment tax director in the UK, said.

Further reading:

SMEs demand strategic help from accountants

Read
the Director of Finance story

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