Searches for “P60 deadline” jump 256% ahead of HMRC cut-off, study finds

Searches for “P60 deadline” have risen by 256% over the past three months ahead of the 31st May deadline, research from Capital on Tap revealed.

The surge in interest comes as small and medium sized-enterprises (SMEs) face a relatively short turnaround between the end of the tax year and the deadline for issuing P60 forms to employees.

Businesses that miss the deadline risk penalties from HMRC, with fines starting at £300 and increasing by £60 per day for every day forms remain outstanding.

Rebecca Alford, chief financial officer at Capital on Tap, said: “With the P60 deadline on 31 May approaching, SMEs have a limited window after the end of the tax year to finalise payroll and issue documents correctly.

“It’s not something you can prepare in advance, which is why having clear payroll processes in place is so important.”

“There are real consequences for missing the deadline, with HMRC penalties starting at £300 and increasing by £60 per day for every day P60s remain outstanding.”

Alford said businesses that remain compliant are typically those with organised payroll systems and accurate employee records maintained throughout the year.

She added: “In practice, the businesses that stay compliant are those that keep payroll organised year-round, through maintaining accurate records, using reliable systems, and making sure employee information is up to date.