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Monday, 2 July 2012

HMRC to fine companies if they do not do online PAYE returns

In a new initiative all PAYE returns will have to be done online by October 2013.  HMRC are currently working on the project that will see significant changes.

The biggest change is that all employers will have to file pay and tax details for their employees online when wages are paid – rather than at the end of the tax year.

Failure to file these returns online in "real time" will result in fines from £2000 for smaller businesses and much more for large businesses.

If your business is having problems paying PAYE then it may be that a "Time to Pay" arrangement can be agreed with HMRC to allow the paying off of tax over a short time scale of say 6-12 months.

It remains to be seen whether this will be easier to do than the usual PAYE filing but if the system is well designed and simple to use it should not be a larger burden on small businesses.  Here's hoping!

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