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17 Jul 2012
THE EXCHEQUER SECRETARY David Gauke has rejected calls for a postponement of the introduction of real-time information after the All-Party Parliamentary Commission raised concerns about the timetable and costs of the programme.
The commission had been worried the investment costs and timescales were underestimated and expressed worries over whether RTI could guarantee real-time data was sustainably accurate.
Gauke, though, was keen to emphasise that the scheme was "on time and on budget" and "strongly disagreed" with the report while Mark Holden, HM Revenue & Customs' RTI programme director, said there was "a number of misunderstandings" in the report and that it "can't hold any credibility".
RTI is set to supersede the current "1940s system" of paying employees currently in place and will see employers updating their PAYE records as and when changes occur, rather than at the end of every tax year.
The taxman expects the system will reduce the burden on employers by £300m and will lead to a significant decrease in fraud and error.
HMRC hopes to roll out RTI nationally from April 2013, with all employers taking part by October of the same year.
Currently, the pilot has 500 employers – equating to 1.7m employees – with the scheme set to grow to 250,000 employers and 6m employees by April 2013.
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Briefings
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Visitor comments Add your comment
£Billions Vs £small change
A quickie headline grab about the Great & Good escaping tax worth £Bn's, then the real target emerges: Mr & Mrs Jo Public earning national minimum wage who are the Real Enemy (the working Working Class). Teach the Plebs a lesson eh what... By the way, £Cash is Legal Tender in the UK. If you ban it, multi-national master criminals will print £5, £10, £20 & £50 notes for under the counter circulation. Nice £Sterling crises, eh wot old chap. Ministers require a series of Thought Injections and some common sense...eh wot Old Chaps.
Posted by: Joe Forster, 24 Jul 2012 | 10:22