P11D This month we are focusing on Payroll Year End & P11d – This week we are looking at Payroll Yr End & P11d Late Submission Penalties
A Late submission of your payroll reporting requirements to HMRC may result in an automatic fine of £100, per 50 employees, per month.
Additionally there is a penalty of 5% of tax and NIC which should have been reported if you are more than 3 months late.
As with most tax filings, HMRC is ready and waiting with the penalty hammer should you file you P11d late or incorrectly. The deadline for P11d of 6th July can be extended to 19th July without any penalties at that point, but should July 19th come and go and your P11D is still nowhere to be seen, your company (not you personally) will incur fines of £100 per month (or part month) per 50 employees.
If you still haven’t filed by November, HMRC will send you a reminder, along with details of all the penalties you’ve accrued up until then.
Do you know someone who has received a late submission penalty? We can help them, 01473 558866