Employers need to act to report tax correctly

Jacquie Shaw of the NMRN

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EMPLOYERS in the south east are risking hefty fines from the tax man after new rules on how tax deductions are reported came into force.

HM Revenue and Customs introduced Real Time Information in April, which sees employers informing the tax man about payments and deductions as they’re made, rather than at the end of the financial year.

However, around 167,000 employers who still use the old PAYE annual reporting system have missed one or more deadlines to change over, and need to log on to hmrc.gov.uk/actnow