More on Real Time Information
When Real Time Information (RTI) is introduced this April businesses will be penalised for incorrect returns from when the Finance Bill 2013 gains royal assent, expected to be July this year, but The Chartered Institute of Taxation (CIoT) believes this should be extended to April next year.
They calling for changes to the RTI penalty system for inaccurate PAYE returns, suggesting it should be extended. Late in-year returns not being applied until April 2014, and CIoT say that inaccuracy levies could be introduced similarly at this time.
Chair of the CIoT’s Employment Taxes Committee, Colin Ben-Nathan, explained that the penalty regime “must be proportionate and give time for employers to get used to the new obligations, It is welcome that the new late filing and late payment penalties will not be applied until April 2014. However, given this, it seems odd that the penalty for inaccuracies in RTI returns will be in place from summer 2013. Employers may take the view that it is best to delay filing if there is a risk they could be penalised for an inadvertent mistake.”
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