E-filing deadlines made easy

The HMRC recently proposed that all UK companies should be filing their end of year PAYE returns online by 2009, with bigger companies filing theirs from 2004.

To make this happen, HMRC has announced that it will invest £340 million in its online services infrastructure over the next nine years in order to improve the service and help business to file online. But what can businesses do to make the transition from paper to online filing as smooth as possible?

Simon Smith, General Manager of MYOB Software gives small businesses some advice.

“Small businesses might be concerned with the HMRC’s recent proposals. But filing online has major benefits for small businesses and embracing this change shouldn’t be a chore.

The HMRC has allocated a large amount of money so that the e-filing infrastructure can be improved and initial teething problems ironed out. Small businesses can take some simple measures such as ensuring that necessary information is stored electronically, so it can be accessed instantly.

The benefits of e-filing are clear. It saves money, helps to make businesses more efficient and reduces the need to handle reams of paper files. At a time when so many businesses are striving to operate a paperless office, the HMRC’s push to file online can be welcomed rather than feared.

Not only is the government making this process straight forward they are also providing incentives by encouraging businesses to file on-line. Those businesses with fewer than 50 employees, have until May 19th to file their returns electronically to receive the £250 tax incentive from HMRC.”