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

June 8, 2011 - PRLog -- “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.”

Frances Coulson, R3 President

Methodology note on R3’s Business Distress Index: BDRC Continental conducted
501 telephone interviews with small, medium and large business owners and
Financial Directors between 7th and 18th March 2011. Quotas are set by size,
region and sector and the data weighted to the profile of GB businesses. The
respondent in each case is a senior financial decision maker. Small
businesses are those with a turnover of £50,000 to £1million pa.

R3 is the trade body for Insolvency Professionals, representing 97% of the
UK’s Insolvency Practitioners.

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