By Daniel Hunter
Employers who missed the deadline for submitting their 2011-12 annual return are being warned they face even higher penalties, if they don’t act now.
HM Revenue & Customs (HMRC) is writing this week to employers across the country, warning them that penalties for missing the 19 May deadline for Employer Annual Returns will increase if a late return is received after 19 June.
Employer Annual Returns contain important information on employees’ tax and national insurance deductions during the tax year, and delays in returning them can create additional work for employers, employees and HMRC.
Even if an employer has no return to make, they need to tell HMRC this is the case. Failure to do so can also lead to a penalty.
Penalties are charged at a rate of £100 per 50 employees for each month, or part month, that a return is late. So, the longer employers delay, the more they’ll have to pay.
Help and advice on filing a return is available from HMRC via its Employers Helpline on 08457 143 143 or online at www.hmrc.gov.uk/payeannualreturn
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