Tools & Support / Business News
Online returns bring cash boost
Small businesses across Shropshire could receive a cash bonus if they file their tax returns online this year.
Simon Leah, from the Payroll Team at Dyke Yaxley Chartered Accountants, in Shrewsbury, said it was already compulsory for businesses with a workforce of 50 or more to file their 2008/09 Employer's Annual Return online.
"But currently smaller firms with fewer than 50 staff still have the choice of submitting paper or online returns."
"Now, to encourage these smaller firms to use the electronic system, HM Revenue and Customs is offering a tax-free £75 bonus if they file online."
Simon said to take part in the scheme, employers must first register with HMRC's PAYE Online for Employers Service.
"It can take up to a week to get the activation PIN you'll need after you've registered your details, and so it's vital that firms do not leave things until the last minute, as Employer Annual Returns are due in by 19 May."
Simon said many smaller firms in Shropshire were already using the online system and so could take advantage of this new incentive.
"In today's tough economic climate, to receive a tax-free cash bonus just for using a computer system that you may well have been planning to use anyway, can only be good news."
"More and more firms are keeping their records electronically, and so filing their Employer Annual Returns online is the next logical step. To get paid for being organised and well-prepared is a benefit that local companies would be crazy to ignore."
Simon said companies would still qualify for the bonus if their agents, tax advisers or payroll bureau filed the information online on their behalf.
HM Revenue and Customs are already accepting returns, and they are keen to encourage as many eligible employers to take up the scheme as possible.
More information is available from the Payroll Team at Dyke Yaxley, or from HMRC Employers' Helpline on 08457 143 143 or www.hmrc.gov.uk/paye.
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