14 Jan 14
Micro employers will be given until April 2016 to adapt to the real time information (RTI) system for reporting PAYE payments, HM Revenue & Customs (HMRC) has announced.
Micro employers – those with fewer than 10 employees – who need more time to adapt to RTI can continue reporting PAYE information on or before the last payday in the tax month until April 2016.
Under RTI, employers must send employee PAYE information to HMRC in real time, rather than at the year-end.
A separate extension allows companies with fewer than 50 employees to continue reporting PAYE information by the date of their regular payroll run but no later than the end of the tax month in which the payments are made until April 2014. The new extension for micro businesses is separate to this arrangement.
HMRC’s director-general for personal tax, Ruth Owen, said:
“This package strikes a good balance by ensuring RTI improves PAYE processes while minimising the impact on micro-businesses and their agents by giving them up to two years to adapt.”
For more information please contact our expert, Micro employers will be given until April 2016 to adapt to the real time information (RTI) system for reporting PAYE payments, HM Revenue & Customs (HMRC) has announced.
For more information please contact our expert, Joel Harding