ONE MONTH TO GO UNTIL HMRC 6 APRIL DEADLINE FOR REAL TIME PAYE
6th March 2013 – LONDON – It is one month today before the deadline for Real Time PAYE reporting on 6th April and yet many small businesses are still not prepared for the biggest change to payroll legislation in over sixty years.
Recent research by YouGov for accounting, payroll and payments provider Intuit found that less than a third of small business owners have taken necessary steps to ensure their payroll processes are compliant.
To send PAYE information in real time, HMRC recommends employers use Real Time PAYE software (HMRC publishes a list of recommended software on its website) or ensure their payroll provider has updated its systems.
According to Intuit’s research, half (50%) of small business manage payroll in-house using either commercial software (32%) or HMRC’s basic PAYE tool (18%) and just over one third (37%) outsource the process to an agent, payroll bureau or service provider. One-in-ten (11%) small businesses process payroll using manual methods, such as a spreadsheet package.
There are more than 1 million businesses in the U.K. with between 1 and 50 employees according to BIS (Enterprise Directorate Analytical Unit).
WANT TO BUILD A FINANCIAL EMPIRE?
Subscribe to the Global Banking & Finance Review Newsletter for FREE Get Access to Exclusive Reports to Save Time & Money
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
To help small businesses navigate the changing payroll landscape, Intuit has created a bespoke Real Time PAYE portal, with free information, training and advice to ensure they have all the information and tools they need to be ready to report in real time.
However, with the clock ticking and many thousands of businesses still not prepared for the change, Intuit has pledged to offer FREE Real Time PAYE software to new customers for their first year.
Until 31st May, new customers subscribing to its QuickBooks accounting software will receive the Real Time Payroll completely free for 12 months, saving £240 over the year.
QuickBooks Payroll simplifies real time reporting, allow employers to automatically file their reports to HMRC with just a few clicks, saving them time each pay run.
The offer is in place across the crucial final preparation period when most small businesses will be updating their systems.
By lowering the cost barrier, Intuit aims to spur businesses that have delayed taking action to get ready and avoid getting caught out in April.
Lisa Turner, Intuit’s payroll specialist commented, “We are proud to be supporting employers as they get ready for Real Time PAYE. The clock is ticking and the 6th April will come around very fast, bringing with it the biggest change to payroll legislation in over sixty years.”