News: Businesses still in the dark over tax changes

PAYE taxMany businesses are still unaware of major tax changes due to come into force in just two months.

New data from the Forum of Private Business (FPB) reveals that most businesses are now aware of the upcoming real time information scheme, but a worrying number are still in the dark.

Real time information (RTI) will come into force in April, and will require businesses to submit their employees’ tax information in real time, as opposed to the end of the tax year.

According to the new research, 65% of businesses are not confident about the changes.

The Forum’s Chief Executive, Phil Orford, said “There are clearly still fears about how seamless the transition will prove to be.” But he added: “The positive news though has to be that compared to earlier studies carried out just a few months ago, more than two thirds of small businesses now know what’s expected of them.”

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Kasey writes about the latest small business and website news for bOnline. Find Kasey on Google+, or follow bOnline on Facebook, Twitter, LinkedIn and Google+

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