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.
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.’
The numbers you crunch tell a story. Your expertis...
21yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleUHY Hacker Young and audit engagement partner Martin Jones face fines of more than £300,00 following Laura Ashley audit breaches. Read More...
View articleIt is hard to argue that the Taxes Management Act 1970 (TMA), wouldn’t benefit from some substantial updating. It came into force back in the mists of...
View articleMorton became Tax Director of the Office of Tax Simplification, an independent office of HM Treasury, in 2017 Read More...
View articleThe Low Income Tax Reform Group believes the government should have included tax initiatives in its plans for disabled people and employment Read More...
View articleThe Upper Tribunal has rejected an appeal from HMRC in a case relating to the taxation of termination payments made to football player employees of To...
View articleThe revised guidance sets out the circumstances under which trustees need to disclose the identities of beneficiaries to HMRC Read More...
View articleAlthough the concept of a £1,000 tax-free allowance sounds very simple, there are a number of complexities of which taxpayers and advisers need to be ...
View article