The UK's Association of Chartered Certified Accountants (ACCA) has issued a reminder to businesses this week that the annual PAYE return deadline falls on 19th May, 2008.
The ACCA explained that this year, HM Revenue & Customs is demanding that employers with 50 or more staff must file their 2007/2008 Employer Annual Return PAYE forms (P14s and P35s) online or face a penalty of GBP100.
For those firms with less than 50 employees, the taxman is offering an incentive to file online by giving them GBP100 tax free if they submit their return online.
Chas Roy-Chowdhury, head of taxation at the ACCA, commented that:
“HMRC is driving employers, and also self assessors, to submit forms online. By 2010 all employers must file online, so it makes sense to start now, especially as HMRC claims this is more safe then using a paper return.”
Mr Roy-Chowdhury went on to caution that:
“We wait to see if the process is more robust than last year, when the deadline was extended due to IT system problems.”
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