One million employees miss P11D deadline
The total number of employees that have not had their yearly expense forms - known as P11Ds - filed by their respective companies by the 6 July deadline now stands at one million.
Link: Revenue says e-filing fine is only ‘speculation’
The Inland Revenue was expecting to receive five million forms, but to date they have only received four million, according to information obtained by Carapeople, which provides outsourced P11D services.
Companies that do not file these forms on time risk fines of £300 per form, plus further late charges of £60 per day. Furthermore, incorrectly completed P11Ds can cost a company a £3,000 penalty.
The completion of P11Ds is generally dreaded by most companies, as they are time-consuming and take up much resources.
In response Carapeople suggests that companies follow a number of guidelines, including knowing exactly what the Revenue expects you to declare, setting a timetable and sticking to it, having just one point of contact at a client company, starting preparations before April and keeping in mind dispensations which can, in some circumstances, be negotiated with the relevant tax office.