Many local businesses around the Wirral and Liverpool have found PAYE more frustrating than ever. After calling the HMRC’s PAYE department many businesses found themselves disappointingly on hold for hours only to be informed that they may have to wait up to 10 months to get their PAYE refund processed.
It seems the government completely over-looked over-payments when creating the RTIs. The words that come to many minds may be, ‘great at taking money, poor at giving it back.’ When cash flow is so important how can some businesses be expected to wait 10 months to receive back their hard earned cash?
The blockers have been reported as a combination of over sensitivity to fraudulent claims and internal data integrity issues. As vague as that sounds the obstacles it has created are very obvious. Unless there is a review by an external agency, which seems very unlikely, these issues are going to remain evident year after year.
So how can a business combat these potential problems?
The answer is reducing human errors. A study by Bloomberg showed that human errors are the number one issue when it comes to accounting. The biggest of which is made during the data entry stage. Another form of error is using incorrect calculations. Neglecting to enter the right details or omitting items that could be included as taxable benefits is also another very human error.
When it comes to payroll it is very important to have an accountancy firm that cares. If you would like any information on speeding up your PAYE refund please call one of our friendly accountants for a free no obligation chat.