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Companies are being urged to prepare now for the payroll year end to avoid strict penalties being imposed for the late submission of information.
There is not just one but two HMRC deadlines associated with payroll submissions. Companies missing either face automatic penalties or interest charges.
According to local experts at Rawlinsons Payroll and HR, HMRC applies time limits very strictly and failure to comply results in automatic penalties.
The first deadline is April 19. All outstanding PAYE for employees must be paid by that date otherwise interest charges start being incurred.
A month later – May 19 – is the deadline for submitting P35 forms. These are a record of the end of year payroll totals for all company’s employees and directors combined. Missing this deadline will result in an automatic penalty.
“These are very important dates for those in charge of payroll in any business to be aware of,” said Sarah Coulson, payroll manager at Rawlinsons Payroll and HR. “The forms must now be filed online and, while they aren’t hard to do, they can be time consuming. It’s important firms start planning now to ensure the information will be ready when it’s needed.”
Rawlinsons Payroll and HR provides an independent service to a number of firms in the Greater Peterborough area and is able to provide a pre-submission checking service for P35s. For more information www.rawlinsonspayandhr.com.