End of year returns (P35's)
Payroll department work towards tight filing deadline
Our payroll department is gearing up for its busiest six weeks of the year as the filing deadline for employers’ end of year returns (form P35) is fast approaching. HM Revenue and Customs require employers to submit the return, made up to 5 April each year, no later than 19 May and the penalty for missing this deadline is £100 for each month that the form is overdue.
The return, which cannot be completed until after the final pay day prior to 5 April, reconciles tax and national insurance due on employees’ wages for the year with the payments made to HM Revenue and Customs by the employer. Tax deducted from payments made to, and by, sub-contractors in the construction industry is also dealt with via form P35. Clients of robinson+co have had their forms P35 filed online for a number of years, attracting a government incentive payment, and from April 2010 online filing will be mandatory for all.
If you are unsure of your responsibilities with regard to the above, or would like to discuss any payroll matters, please contact either our payroll manager Helen McGeen or our tax partner Victoria Bishop.