News: Relaxed tax rules to be extended for small businesses

tax returnThe temporarily relaxed rules for PAYE tax reporting are set to be extended for small businesses with less than 50 employees.

Although HMRC’s Real Time Information (RTI) reporting rules came into force in April, small businesses were given until October to prepare for the changes. Today it was announced the deadline will be extended until April 2014. This is to ensure small businesses will not have to change their habits halfway through the tax year.

Since the scheme launched in April, more than 1.4 million employers are reporting PAYE in real time. Ruth Owen, director general for personal tax at HMRC, said “The roll-out continues to exceed our expectations. I am delighted that 83% of SMEs and 77% of the smallest businesses are already on board.”

David Gauke, exchequer secretary to the Treasury, said HMRC’s records are “becoming more accurate and up-to-date.” He said “This is all good news, but we will continue to listen and work with businesses to ensure that all employers are reporting in real time by April 2014.”

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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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