Small businesses reminded to submit expenses and benefits returns

Small businesses reminded to submit expenses and benefits returns

The deadline for self-assessment forms may have gone, but there are still HMRC (Her Majesty’s Revenue and Customs) deadlines that businesses must take care not to miss, ACCA (the Association of Chartered Certified Accountants) warns today (3 June).

The first of those is in just a month’s time. Employers must ensure they have submitted P11D (b), P11D and P9D forms to HMRC by the 6th July. Unlike the previous self-assessment penalties for late filing, the penalties for late submission of these forms are more subjective. Penalties start at a simple £100 per 50 employees (or part of 50) per month, but then escalate depending on HMRC’s view of the reason for late filing. The penalty is calculated as a percentage of the lost revenue to the taxpayer, starting at 0% for genuine mistake, 30% for careless action, 70% for deliberate but not concealed action and 100% for deliberate and concealed action.

Chas Roy-Chowdhury, ACCA head of taxation, said: “The end of the self-assessment deadline came as a welcome relief to many small businesses, but they should be aware that there are still many deadlines that they have to comply with and missing them carries a penalty.

“HMRC put the onus on the individual to make sure their paperwork is up to date and will impose fines on those who do not take the appropriate care. As well as the expenses and benefits forms, there are further deadlines in July for business owners to be aware of.

“Non-electronic payment of Class 1A National Insurance is due on 19 July, or three days later if paid electronically. In the case of National Insurance, interest will be charged from the due date until payment is received.”

More information on this and other HMRC deadlines are available from www.hmrc.gov.uk