The UK government has relaxed tax return filing rules under Real Time Information (RTI) which will allow an extended time for small companies to file payroll related returns.
UK Relaxes Reporting Rules for Small Companies under RTI; Allows Extended Time to File Returns
1. UK Relaxes Reporting Rules for Small Companies under RTI; Allows Extended Time to File
Returns
(Sunnyvale, CA)- The UK government has relaxed tax return filing rules under Real Time Information (RTI) which
will allow an extended time for small companies to file payroll related returns. The new regulation will initially be
applicable for six months this year (until October). Hence, companies with less than 50 employees will not be
required to file payroll returns while making the payments under RTI, says Nair Co.’s International Payroll Services
Team.
From April 6, 2013, most companies (with less than 5,000 employees), have joined RTI, along with those
companies already participating in the pilot schemes. It is mandatory for these companies to report details of
payments and other prescribed information to Her Majesty's Revenue and Customs (HMRC) on or before making
the payment, during any week or month.
As per HMRC, small companies will now be allowed an extended time - until their normal payroll run date, but not
later than the prescribed date from end of the tax month, for a single return submission for all payments in the
month.
For a detailed advice on the issue, contact our International Payroll Team at info@nair-co.com.
For more information about doing business overseas or to know more about our Global Payroll services
please contact us.
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About Nair & Co.
Nair & Co. provides you with your one touch outsourced finance, HR, legal and global tax compliance department
for your international operations. If you are expanding abroad for the first time or increasing your global footprint,
our turnkey solutions help you do so with minimal risk, stress and cost. We support 4000+ client operations in over
56 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among
the top 100 outsourcing services providers in the world by the International Association of Outsourcing
Professionals (IAOP). Learn more at www.nair-co.com
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