Bitcoin Tax Bills Set to Land on Tech-Savvy Investors
February 14, 2018
Businesses with nine or fewer employees will be given additional time to comply with new Real Time Information (RTI) reporting requirements, HM Revenue and Customs (HMRC) has announced.
Under the new RTI regulations, businesses must report the payments they make to employees when or before each payment is made.
HMRC has been phasing in the new system, and previously announced an extended compliance deadline of April 2014 for employers with fewer than 50 employees, who pay their staff weekly or more regularly.
However, HMRC has now agreed that existing micro employers will be granted up to two additional years to adapt their processes in order to ensure that they are ready to report payments in real time by April 2016.
The extension will not apply to businesses starting up during this period.
Commenting on the news, Ruth Owen of HMRC 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’.
We can help with your PAYE needs. Please contact us for further assistance.