Small firms 'unaware' of tax reporting changes
Date published: 30 October 2012
A quarter of small businesses are completely unaware of changes they will have to make to the way they report tax deductions, research suggests.
The new system is needed to calculate payments for the government's planned Universal Credit.
From next April employers will have to report national insurance and income tax deductions every time they pay staff, not just at the end of the year.
The Federation of Small Businesses said the move must be communicated better.
Data about people's income will be used to calculate payments of the new Universal Credit, which is to wrap together six existing benefits.
But less than six months before the new system, called Real Time Information (RTI), is supposed to be up and running, a Federation of Small Businesses' (FSB) survey of its members suggests a quarter had never heard of the scheme.
Of those who were aware of its existence more than half had not received any information from HM Revenue and Customs.
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