SMEs could be forced to file their PAYE tax return online or face a £2,000 fine, under HMRC proposals.From October 2013, HMRC wants businesses who employ staff to file pay and tax details as the wages are paid, rather than at year-end as they do currently. The proposals are part of a consultation which closes next month.Under the Realtime Information scheme, businesses would be forced to file PAYE tax returns online or face a penalty. Small firms could be fined £2,000 whilst larger firms could be charged even more.Graham Purvis, Partner at Robson Laidler LLP, has been quoted as saying, “Although these proposals are still at the consultation stage, businesses of all sizes need to be aware that significant changes in the way they file their PAYE tax returns are likely to come into effect from next year.” He added, “For many people, particularly owners of smaller businesses, this will seem like yet another burden on their time and resources. Seeking advice now on the implications for your business will help you to ensure that you don’t get caught out when any changes take effect.”
http://www.50percenttax.co.uk/index/2012/8/1/paye-tax-returns-could-go-online.html
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