27 March 1998

Get ready for PAYE deadline

EMPLOYERS must identify the information needed to complete end-of-year PAYE returns well before Inland Revenue deadlines, warns accountant Grant Thornton.

Late or incorrect returns may incur a penalty of up to £300 each.

The last date for sending tax and national insurance payments to the collector for the tax year just ended is Apr 19. Interest is payable on dates after this.

May 19 is the last date for submitting individual end-of-year summaries (form P14), employer annual return (P35), employer supplementary return (P38) and employee P38A. Employees should be given forms (P60) by May 31.

The last date for submitting details of expenses and benefits (P9D/P11D) is Jul 6.

&#8226 For those fortunate enough to have savings to invest, dont forget the PEP. Each year up to £6000 can be invested in a general PEP and a further £3000 into a single company PEP for tax-free growth. Those yet to use up their annual allowance must invest before Apr 5, says Grant Thornton. &#42