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Friday, 11 January 2013

RTI overhaul may tip companies over the edge

James Hurley, in the Telegraph, has written about how the new Real Time Information (RTI) System of paying PAYE over to HMRC will put pressure on struggling businesses.

KSA Group has been quoted "“At a time when businesses are already feeling the strain, the potential for quicker demands of additional payments could potentially push them over the edge.” Turnaround practitioner Keith Steven, of insolvency firm KSA Group, also warned that RTI could lead to more winding-up orders from HMRC.

“We’re aware of many companies that don’t tell HMRC what their PAYE deductions are, or that falsify them. They say, 'OK, it’s £50,000 this month, let’s say it’s £10,000’. They come clean at the end of the year and then ask for time to pay the tax. RTI could highlight a lot of cash-flow issues.”

Read the full article below;

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