PAYE returns to be done online
In a new initiative called Real Time Information (RTI) all PAYE returns will have to be done online from April 2013
The biggest change is that all employers will have to file PAYE and tax details for their employees online at the same time as when wages are paid – rather than at the end of the tax year. The way it currently works the HMRC only knows the true liabilities on the 19th of May following the end of the tax year when the P35 is filed.
Failure to file these returns online in "real time" will result in fines from £2,000 for smaller businesses and much more for large businesses. HMRC are likely to know about businesses that are late with payments at a very early stage. This means that companies need to be ready to talk to HMRC earlier.
If your business is having problems paying PAYE now, get ready for a more aggressive HMRC approach. Call us for advice.
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