Sunnyvale, CA (PressExposure) April 17, 2013 -- 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 firstname.lastname@example.org.
For more information about doing business overseas or to know more about our Global Payroll services please contact us.
Subscribe to regular International Payroll services alerts from 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 http://www.nair-co.com
Get the latest press releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts.