HMRC has announced that more than 1.4m employer PAYE schemes are now reporting to it in real time since the launch of new tax reporting requirements in April. HMRC has also extended until April 2014 its temporary relaxation of the real time reporting rules for businesses with fewer than 50 employees.
This relaxation, which allows small businesses to send PAYE information to HMRC by the date of their regular payroll run, but no later than the end of the tax month, was due to end on 5 October 2013. The extension means that businesses will not be required to change their approach halfway through the tax year. From April 2014, all employers need to plan to be reporting in real time.
Paul Aplin, partner at A C Mole & Sons, said, ‘I am relieved that ministers have decided to extend the easement announced in March for a further six months, taking us through to April 2014. The intention is to use that time to explore the specific issues on or before reporting creates and at how these might be catered for, longer term. It is critical that a pragmatic solution is found for the smallest businesses to avoid them being faced with significant and disproportionate new reporting burdens.’
HMRC has announced that more than 1.4m employer PAYE schemes are now reporting to it in real time since the launch of new tax reporting requirements in April. HMRC has also extended until April 2014 its temporary relaxation of the real time reporting rules for businesses with fewer than 50 employees.
This relaxation, which allows small businesses to send PAYE information to HMRC by the date of their regular payroll run, but no later than the end of the tax month, was due to end on 5 October 2013. The extension means that businesses will not be required to change their approach halfway through the tax year. From April 2014, all employers need to plan to be reporting in real time.
Paul Aplin, partner at A C Mole & Sons, said, ‘I am relieved that ministers have decided to extend the easement announced in March for a further six months, taking us through to April 2014. The intention is to use that time to explore the specific issues on or before reporting creates and at how these might be catered for, longer term. It is critical that a pragmatic solution is found for the smallest businesses to avoid them being faced with significant and disproportionate new reporting burdens.’
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")