Deadline set for tax details from employers
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Your support makes all the difference.EMPLOYERS will have to give workers tax details by a deadline so that the nearly 5 million people on PAYE who also have to fill in a tax return can take part in the move to self-assessment of tax.
The Inland Revenue has launched a consultative document with its proposals and is inviting comments.
Employees will have to make a more detailed statement about income and benefits. They will not be able to write 'as per P60 or P11D', but will have to give numbers on the tax return.
They will still have the option of allowing the Revenue to do the tax calculation, but will have to complete their form by 30 September rather than by 31 July the following year. This is the deadline for those calculating their own tax liability.
Employers have to provide pay and tax details on the P60 form to taxpayers but the new regime envisages a deadline of 19 May following the end of the tax year - the same deadline for employers giving the information to the Revenue.
Benefits in kind and expenses are currently reported to the Revenue by 6 June. The proposed deadline is 6 July for informing employees and the Revenue.
Penalties for failure to supply P11D or P60 forms to employees would match those already in place for failure to supply the information to the Revenue - an initial penalty of pounds 300 plus pounds 60 per day for each form.
Copies of 'Self Assessment: what it will mean for employer and employees' are available from the Reference Room, Inland Revenue Library, Room 8, New Wing, Somerset House, London WC2R 1LB, for pounds 4. Comments are invited before 8 July. They should be addressed to Mrs Jo Simcox, Inland Revenue, Room S11, West Wing, Somerset House, London WC2R 1LB.
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