Are you ready for PAYE changes?
SMEs Have Less Than 2 Months Until PAYE Changes
HMRC is implementing massive changes to how small businesses report PAYE earnings, and companies have less than two months to prepare.
From April – the start of the new tax year – real-time reporting on Pay As You Earn will be needed, even if the SMEs in question just employ one person.
Why Are The PAYE Changes Being Made?
The reason why the changes are being made, a move away from year-end payroll, means that the right amount of tax can be deducted at source for every payday that an entrepreneur makes to their staff.
Are Most Businesses Prepared For The PAYE Changes?
Unfortunately, it doesn’t seem like many businesses are ready for the adjustment, as nearly two-thirds of those questioned by the Federation for Small Businesses were apparently not prepared for the change in system come April.
Here’s what Neilson Watts, who performed the research, had to say on the matter: ‘It is worrying that so many businesses are unaware of the changes. RTI will affect all businesses, regardless of their size. We urge that firms act now.’
Do You Need Accounting Advice About PAYE Changes?
Stonehouse Accountants operate in the Peterborough, Kettering, Corby and Market Harborough area, call us now if you’re looking to change accountant or need a new one. 01733 26588.