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Electronic Filing of PAYE End of year Returns (31 Oct 03)

The Inland Revenue have announced that over the next few years, they will introduce a requirement that all organisations must file their P14/P60’s and year end return electronically.

This will be introduced depending upon the size of the organisation, starting with large, then medium then small employers.

There is a Penalty of up to £3000 for failure to comply but an incentive for small companies to file electronically in earlier years.

Small companies may start filing electronically for 2004/2005 and can claim an Incentive payment from the Inland Revenue of up to £825 tax free over 5 years.

Up to £825 Tax Free Incentive offered by Inland Revenue for early introduction of electronic filing (31 Oct 03)

The Inland Revenue will make the following tax free payments if you file PAYE end of year returns electronically:

2004/2005  £250
2005/2006  £250
2006/2007  £150
2007/2008  £100
2008/2009  £75
2009/2010  Compulsory electronic filing anyway

Organisations will be able to file using the Inland Revenue website which will be available in Libraries and Tax Offices for those without that facility. The system is available now and appears very offputting.

The alternative to to file via payroll software either in-house or via a Payroll Service.

November 2003 – Inland Revenue letter to all Employers (31 Oct 03)

The Inland Revenue will be writing to all employers giving information about electronic filing and indicating whether they will be regarded as large, medium or small employers. This could be critical if your employee numbers are around the boundaries.

Large employers have 250 or more employees. They have to file their year end returns for 2004/2005 electronically and pay their tax and NIC’s electronically throughout the year. i.e from 19th May 2004. There are 10,800 schemes in UK with more than 250 employees.

Medium employers have between 50 and 249 employees. There are about 350,000 in UK. They must file their 2005/2006 year end returns electronically.

Small employers have up to 49 employees and need not file electronically until 2009/2010 but can start earlier and be given a subsidy of up to £850 by the Inland Revenue. In UK, 840,000 schemes should qualify.