Undoubtedly one of the most important changes ever to the operation of payroll/PAYE since it first commenced.
Although it has already been in operation for a few months for larger organisations the real impact for small/medium businesses really kicks in from the 6th April 2013. The ‘start date’ depends upon your PAYE reference number however that does not prevent anybody preparing to implement the new system.
Care and attention needs to be made to ensure that all the data held for employees is complete and correct for all the filing requirements laid down by HMRC. Equally important is to endure that your software, or that of your advisor, is fully compliant.
Basic information such as employee’s full names, dates of birth and NI numbers need to be full and correct, these are just some of the basic requirements and frequently this information is actually noted incorrectly.
The details are required so that everything is compliant with HMRC’s system and will also provide up to date details regarding all employees and therefore any application for the new ‘Universal Tax Credit’ system.
Information is to be provided within and by a specific date/time and failure to comply by the deadline and/or pay any liability by the due date will, in due course, result in interest/penalty charges. All the information is to be reported as well before the wages are paid, so accuracy becomes hugely important
We can’t emphasise enough the need to take proper professional advice and if you have any queries or feel we can be of assistance then please contact us on 0151 649 1545 as a matter of urgency, remember the date – 6th April 2013!!