TaxAdministrationRevenue rewards SMEs for e-filing

Revenue rewards SMEs for e-filing

Small and medium-sized businesses are being offered a cash reward if they file their payroll year-end tax returns electronically.

Link: Huge rise in online tax returns

Although mandatory electronic filing for SMEs with up to 50 employees is only due to come in place in 2009/2010, the Revenue is encouraging this practice now by offering a cash reward of up to £850.

The rewards break down as follows: Firms who file their accounts electronically in 2004/2005 and 2005/2006 will receive £250 for each year’s returns. The amount paid by the Inland Revenue reduces to £150 for the 2006/2007 tax year and then steps down to £100 and £75 for 2007/2008 and 2008/2009 respectively.

Clement Keys, the firm which claims to be alerting SMEs to this incentive, said the Inland Revenue did not hand out gifts like this every day and encourages ‘businesses to submit their returns electronically and reap the financial rewards on offer.’

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