Northwood accountants Munday Long and Co advise that HM Revenue and Customs has announced that, as from 10 November, penalty notices are to be sent out where records show that 2007-08 form P11D(b) Class 1A National Insurance contributions Annual Returns have not been received, for returns due by 6 July 2008.

Munday Long and Co principal, Ray Long said “The penalty will be £100 per 50 employees for each month the return is outstanding, from 7 July 2008 to 6 November 2008.

If employers have not sent in their returns, they are being urged to do so as soon as possible.” HMRC said it will be sending out further interim penalties later in the year where any return remains outstanding, and final penalties on receipt of a late return.

“The sooner a late return is received, the smaller the penalty will be” added Ray.

If you have any questions or concerns about how this will affect your business please contact Munday Long & Co on 01923 82 00 88 or visit our website.