There's now a new deadline for the submission of the Return of Earnings to the Compensation Fund
The Department of Labour has released a statement saying 'the deadline for the submission of the 2013 Return of Earnings to the Compensation Commissioner has been extended to the31 May 2014.'
The new deadline will buy you time to get your affairs in order. Good news if you were panicking about the April deadline.
But do you know what you need to do to meet it?
*************Do you know when to claim from COID? Shocking survey reveals 5 out of 7 managers don't!
Why is it important to submit your Return of Earnings to the Compensation Commissioner?
You're legally required to fill and submit your Return of Earnings form. This form is due every year around the end of April.
Experts at FSP Business say that the Compensation Commissioner uses your Return of Earnings to assess the wages you've paid to your workers throughout the year. (For the May deadline, you must submit earnings for 2013.)
He includes the risks associated with the type of work your company does as part of the assessment to determine the tariff you'll need to pay.
The experts warn that if you don't submit your return of earnings statement to the Compensation Commissioner, he'll assess your business based on his estimation of your earnings, which could result in heavy fines.
If you're wondering why there's been an extension, especially considering that the Compensation Commissioner is strict about deadlines, here's your answer…
The reasons the Compensation Commissioner has extended the deadline for the submission of the Return of Earnings
The Compensation Commissioner decided to introduce an online system for the submission of the Return of Earnings. But it seems like the system is having problems at the moment.
Makro Safe reports that 'despite its claim (Compensation Commissioner) that it was ready to deal with submission made through its online portal, the Compensation Commissioner experienced a technical glitch, leaving it with no other option than to extend the deadline, as it failed to activate the online submission portal in time.'
Warning! The extension doesn't mean you won't be penalised if you fail to meet the new deadline for the Return of Earnings
Makro Safe warns that the extension of the deadline doesn't mean that the Compensation Commissioner will waive the 10% penalty companies normally incurred when submitting Return of Earnings late.
While the new deadline of 31 May 2014 buys you time to submit the 2013 Return of Earnings to the Compensation Commissioner, its best that you make your submission right away.
The DoL advises you to go to your nearest labour Centre or Provincial Office if you want more info or call 0860 105 350.