Firms reminded of online payroll duty
Fri, 30 Oct 2009
Small firms have been reminded that electronic payroll filing will be compulsory for all companies from 2009-10.
According to software supplier IRIS, HM Revenue & Customs (HMRC) will require all employers to file their P35 and P14 year-end tax and national insurance documents online.
The firm is concerned that many businesses are unprepared for this change and consequently has issued a guide to the HMRC requirements.
IRIS managing director Oliver Shaw said the publication offered online filing support, plus information on relevant hardware, software and the potential for social media to make this task easier.
He stated that the guide had been created to provide some practical, easy to understand help for small business owners so they can ensure they meet the new HMRC requirements.
Mr Shaw commented: "Until now, organisations with fewer than 50 employees have been free to file their returns using a number of methods.
"Larger organisations have been compelled to file electronically since 2005; however, new regulations make electronic filing compulsory for all businesses from the end of this fiscal year."
Earlier this week, the Federation of Small Businesses warned against raising small business taxes, claiming any such move could affect the ability if such firms to help the UK's economic recovery.
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