FSA commits e-reporting plans

Integrated regulatory returns and mandatory electronic reporting will be introduced to simplify and streamline the current paper-based process, while reducing reporting costs to firms. David Kenmir, managing director of FSA’s regulatory services business unit, said it was ‘an important development’ in the FSA’s aim to be an organisation that is ‘more effective and easier to do business with’.

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The Inland Revenue’s £825 incentive for small employers to file payroll returns electronically could be good business. Paul Marshall head of IT at accountancy firm Dean Statham, said the incentive could cover the cost for small companies to outsource their entire payroll function. ‘Very small companies can actually make money on employing a payroll bureau,’ he added. The Revenue’s scheme allows businesses with under 50 employees to claim up to £825, spread over five years.

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