Ilford tax specialist warns against pitfalls of new pay reporting system
Small firms in Redbridge thinking of taking on temporary staff this summer must remember changes in how they report their pay, according to an Ilford tax specialist.
Employers now have to provide “real time” information to HM Revenue & Customs (HMRC) every time they pay an employee.
Gross pay, tax, National Insurance contributions and other deductions have to be reported when or before wages are paid, so most likely on a weekly or monthly basis.
“It could be tempting to pay workers cash in hand to cut costs and avoid paperwork. But employers considering this should think again,” said Gerald Powell who runs TaxAssist Accountants in Fencepiece Road, Barkingside.
Prior to the introduction of the new system, employers provided the information annually.
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TaxAssist Accountants provides tax and accountancy advice and services to small businesses.
Visit www.taxassist.co.uk/accountants/ilford for information.
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