Revenue vows 'sympathy' for late filers

The devastating terror attacks that shook London to its core and killed over 50 people on Thursday has caused such severe shockwaves that even the taxman can feel them.

Clearly moved by the atrocities in the capital, the Inland Revenue has declared it will deal “sympathetically” with any late employers’ benefit forms that were due for receipt last Wednesday.

The long list of documents, which include Form 42 and P11Ds – covering expenses and benefits, were due in one day before the bombings with late and daily fines promised for those missing the deadline.

Yet according to the Daily Telegraph, the initial penalty of £300 and a daily fine of £60 will remain, but Revenue staff will react reasonably to the late comers.

“There is no question of any customer affected by Thursday’s tragic events having to pay a penalty because a return was submitted late,” said a Revenue spokesman.

However, tax advisors and accountants remained skeptical of the Revenue approach, with Grant Thornton deeming the penalty regime as severe.

Ellie Gamble, the firm’s senior tax manager, said some larger companies, employing more than 1,000 staff, could face fines of up to £300,000.

Meanwhile, those entrepreneurs seeking to claim benefits and expenses were encouraged by the tax manager to submit their applications, even if their return was late.

“If P11D is filed late, the normal penalty is £300. If it is returned incorrectly, the penalty rockets to £3000,” said Ms Gamble.




 

12th July 2005

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