Small firms unaware of looming tax changes
Many small firms are unaware of impending changes to the tax administration process, research by the Forum of Private Business has revealed
Monday, 11 Feb 2013 17:14 GMT
The regulations will take effect from April
The Real Time Information system will be introduced by HMRC in April, and will require all personal details relating to an employee to be up to date on every payment date.
Despite this, the Forum say that a 'worrying number' were still in the dark over the changes that may result in fines being levied.
Chief executive, Phil Orford is calling for a 'sensible approach' to enforcement in the initial stages of its application.
He adds: “Real Time Information is looming and while our research suggests there is a growing understanding of what this means for businesses, there are a significant number still ignorant and unaware.”
According to the research, businesses are not keen on the procedures with around 20 percent saying it is making them reconsider hiring more people in the coming year.
