Tax Reminder

The following Tax Events are due on 19 May 2008:

PAYE and CIS deductions are due for the month to 5 May 2008.

What this means for you?
This deadline is relevant to employers who have made PAYE deductions from their employees salaries and to contractors who have paid subcontractors under the CIS.

The contractors monthly return showing details of payments made to subcontractors must also be filed by today.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.   

Where the payment is made electronically the deadline for receipt of payment is 22 May 2008.

Deadline for employers' year end PAYE returns (P35, etc) to be submitted for 2007/08.

What this means for you?
This deadline is relevant to employers and contractors. There is a period of grace of one week from the filing deadline. Due to a Bank Holiday weekend the final deadline is effectively Friday 23 May 2008.  

There are penalties for employers who fail to submit year end PAYE returns for 2007/08 (£100 for each 50 employees concerned). Employers who are large or medium, having in excess of 50 employees are required to file their end of year returns electronically. Failure to do so will result in higher penalties for failing to file electronically. 

Tax free incentive payments are available to reward small employers who file electronically.

Courtesy of  Lang Bennetts Chartered Accountants