The Institute of Chartered Accountants in England and Wales (ICAEW) has warned that the new PAYE system, Real Time Information (RTI) will create new problems for hard pressed SMEs.
I understand that the scheme, which launches in April 2013, will mean that businesses will have to report PAYE transfers when, or before each payment is made. Despite HMRC amending the rules so that if it is impractical to do so, companies will have up to seven additional days to report the payment, the ICAEW believes that the new rules will prove difficult for some to administer.
Frank Haskew of the ICAEW said:
The ‘on or before’ rule, even as amended, completely ignores the way the real world works. It will add significantly to compliance costs and burdens for many small and medium sized businesses.
Make An Enquiry
To contact us, send an or telephone on 020 7330 1770 and we will be glad to answer all of your questions. Even better, why not book your FREE consultation today, it only takes a minute. In the local area? If you are out and about in the City, Central or East London, why not give us a quick call to confirm if we can arrange an immediate, free consultation. Don’t forget to register for our Newsletter, to receive the latest business related updates.