Small businesses to struggle with RTI, say MPs
MPs call on HMRC to implement strategy for businesses with no electronic payroll systems
MPs call on HMRC to implement strategy for businesses with no electronic payroll systems
SMALL BUSINESSES will struggle to implement real-time reporting, the Public Accounts Committee has warned.
Under the real-time information (RTI) initiative, employers would send information to HM Revenue & Customs when they run their payroll. All businesses must implement RTI by October 2013.
However, the PAC has warned HMRC that it must develop an “effective approach” for businesses that do not currently have electronic payroll systems.
“Approximately 94% of employees receive earnings electronically, but small businesses without electronic payroll systems and the self-employed do not currently submit monthly data to HMRC,” the report said. “HMRC told us that it is currently identifying how best to include the last 6% of employees (about 1.5 million people) and the self-employed in the RTI system, but the detail of how this is to be achieved remains to be worked through.”
More about:
The numbers you crunch tell a story. Your expertis...
12yEmbracing 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 articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View articleStricter controls on VAT compliance is set to shut down the “colossal” VAT tax gap. Read More...
View articleThere has been a percentage increase in the number of claims made by companies, but more needs to be done Read More...
View articleThe Targeted Anti-Avoidance Rule was introduced to prevent individuals lowering their tax liability by converting what would otherwise be a dividend i...
View articleIn 2016-17, the average length of time to settle a tax investigation rose to 34 months, up from 31 months in 2015-16. The tax authority has also incre...
View articleDiverted profits tax revenue collected by HMRC in 2016-17 totalled £281m, leaping from £31m collected in the previous year, according to data released...
View articleThe report suggests a wide range of reforms focussed on bringing together corporation tax and accounts, including creating five year roadmap for CT re...
View articleIn 2012, HMRC made 591 requests to foreign governments. In 2016, this number stood at 1096, a 7% increase on 1025 requests made in 2015 Read More...
View article