An announcement by HMRC to relax RTI reporting for small businesses over the next six months marks an important step, the NFU said today.
The NFU has been involved in a series of robust but constructive discussions with HMRC who have also promised to work with employer representatives over the summer to seek further improvements to real time reporting.
NFU head of tax Michael Parker said: “As a result of this decision, businesses with fewer than 50 employees, who currently run their payroll monthly but who pay more frequently, will not have to report any more frequently than monthly for at least the next six months, unless they want to do so and are able to. The NFU believes this is a very positive step and expects it will significantly ease the introduction of RTI for many businesses.
“We now look forward to working with HMRC to find ways of improving real time reporting beyond the next six months.”
The announcement on RTI is on the HMRC’s What’s new page at: http://www.hmrc.gov.uk/news/index.htm.
From April 6 2013, under RTI most employers will be required to report details of payments made to employees to HMRC on or before the time of the payment. The relaxation will apply to those smaller employers with less than 50 employees.