Small firms urged to act or face tax fines

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Small firms across South Yorkshire risk tax penalties unless they get ready for changes to how they report payroll details, says tax expert Steve Vickers, from Hart Shaw.

From April, all employers will have to submit details of salary payments and deductions when they are made, rather than at the end of the tax year.

However, a survey by the Federation of Small Businesses found that one in four small and medium-sized enterprises (SMEs) have not even heard of the new Real Time Information reporting system and three out of five hadn’t received any communication about the changes from HM Revenue and Customs (HMRC).

Mr Vickers said: “These figures suggest that the Government’s campaign to promote RTI has not been as successful as it would have hoped, with many businesses still completely unaware that they will have to change the way they report their payroll to HMRC in just over five months or otherwise may risk being penalised.

Hart Shaw is running a free breakfast seminar on Real Time Information on Wednesday, November 28, which will go in to detail on how it will affect businesses and what they need to do in order to prepare for the changes.

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