Commenting on today’s white paper from the All-Party Parliamentary Taxation Group, “PAYE at the Crossroads (PDF 998 KB)” which recommends a delay to the implementation of real time information reporting for PAYE, KPMG director, Steve Wade, said:
“The chance of a delay to the introduction Real Time Information reporting (‘RTI’) for PAYE is slim to non-existent in our view, despite the all-party parliamentary taxation group recommending postponing it to 2015 today in their publication ‘PAYE at the Crossroads’. The last thing businesses should do is assume that they will get more time and thus put their planning on hold. Our understanding is that HMRC remains determined to introduce RTI in April 2013 as originally planned.
“Under RTI, employers will need to report details of payments to staff to the tax authorities as and when they are made. This is the biggest change to the PAYE system since it was introduced in 1944 and will represent a significant payroll challenge to many employers. Fortunately there is a pilot underway and we believe that the majority of larger businesses have started to plan for RTI. Starting to plan is not always the same as taking concrete steps towards implementation however and most businesses have a way to go in order to be prepared for RTI’s introduction.”
For further information please contact:
Margot Cowhig, KPMG Corporate Communications
Tel: 0207 694 4246 Mobile: 07920 274856: firstname.lastname@example.org
KPMG Press Office: 0207 694 8773
Notes to editors.
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.