TaxCorporate TaxSurvey finds businesses concerned about RTI timing

Survey finds businesses concerned about RTI timing

A survey conducted by NorthgateArinso has found companies concerned with the speed at which real-time information is being introduced

A SURVEY conducted by HR services firm NorthgateArinso has found that around two-thirds of companies believe the government should phase in real-time information over a longer period of time.

Just under a third of the 72 respondents (31.9%) said that they did not think that HMRC had provided enough consultation with related parties on the legislation.

Almost 70% (69.4%) of companies said they were concerned about RTI, with approximately one in ten admitting to being extremely apprehensive. Specifically, over 60% said that they were worried about the new processes required, while 44.4% were anxious about incurring penalties for innocent mistakes and 29.2% were not convinced that the new processes are sufficiently robust.

More than a quarter said that they were apprehensive about understanding the legislation itself while 27.8% felt the pace at which the legislation is being introduced is a concern.

HMRC launched a pilot of real-time PAYE information last week, with the first ten volunteer employers – including HMRC – submitting their RTI return.

Real-time tax information will allow employers and pension providers to inform HMRC of PAYE payments as they are made, instead of at the end of every year.

At present, it is hoped most employers will joining the regime in April 2013, will all employers on board by October of the same year.

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