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P35 (PAYE) deadline 19 May: Comment from Frances Coulson, President of insolvency trade body R3

23 May 2011

The PAYE deadline is traditionally a time when HMRC uncovers any shortcomings in the payments due and the payments made, says Frances Coulson, President of insolvency trade body R3.

"Typically many businesses will be caught out by the P35 deadline on 19 May, having been 'getting by' and not submitting the full amount of PAYE they owe each month. This deadline is traditionally a time when HMRC uncovers any shortcomings in the payments due and the payments made in terms of PAYE, as well as those businesses which do not file at all.

"I suspect this will lead to an increase in actions by HMRC in a couple of months time, as well as pushing up corporate insolvency numbers towards the end of the year.

"One in four (24%) businesses are concerned about their debts, according to the R3's latest Business Distress Index. Of this group, 37% are worried about Crown debts and this deadline will be a test for them. Seeking professional advice as soon as possible is the best way to allay those fears."



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R3 The Insolvency Trade Body

R3 The Insolvency Trade Body

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