News added on 27.05.2021

LATEST NEWS

Payroll

Have P60s been sent?

With many businesses focusing on recovery, it’s understandable that administration has not been top of the priority list for some. But are you aware that an urgent payroll deadline is just days away?

If a business had employees on the last day of the 2020/21 tax year, it must issue them with a form P60 by no later than 31 May if they had earnings at a rate at least equal to the lower earnings limit (£120 for 2020/21). If this date is missed, HMRC has the power to impose a £300 penalty per missed form, with continuing £60 per day fines. We understand that, if you do miss the deadline, HMRC doesn’t tend to issue fines as long as you take steps to put things right as soon as possible, particularly if you have a genuine reason for the short delay. But if possible, it’s best to avoid the possibility altogether.

If you outsource your payroll they should have already sent the forms on your behalf. Don’t forget that 31 May this year falls on a bank holiday, so if you are posting forms out there is a risk the employees won’t receive them on time. Whilst this probably won’t cause you issues, remember that there is no requirement to send a paper form - an electronic version is fine, and obviously delivered instantly.

© Indicator - FL Memo Ltd • Telephone: (01233) 653500 • Fax: (01233) 647100 • customer.services@indicator-flm.co.uk • www.indicator-flm.co.uk
Calgarth House, 39-41 Bank Street, Ashford, Kent TN23 1DQ • VAT GB 726 598 394 • Registered in England • Company Registration No. 3599719