A quarter of small firms 'still unaware of Real Time Information'

30th October 2012 | News

Around a quarter of small firms are still unaware of the biggest change to PAYE for six decades - only six months before the new system is set to come into force.

Research published by the Federation of Small Businesses (FSB) revealed that only 16 per cent of the firms it questioned are fully aware of Real Time Information, which will see PAYE details reported to HM Revenue and Customs (HMRC) as payments are made, and not at the end of the tax year.

Some 25 per cent said that they had never heard of it, suggesting a lack of communication between government and small firms, while 60 per cent say that they have not had any communication from HMRC on the issue.

Any small businesses unaware of upcoming changes can click here, where more information is available.

John Walker, National Chairman of FSB, said: "With only six months until RTI is due to be implemented, the FSB has real concerns that not enough businesses are aware that it is just around the corner.

"This system is linked to the government's flagship Universal Credit scheme and we're concerned that it could flop if government does not step up its game in communicating the changes."

Posted by Thomas Fletcher