PAYE corrections hit small businesses the hardest

It has recently been reported that the government is in the process of contacting

all employers with regards to overpayment or underpayment of tax through the PAYE system. As HMRC's computer systems become more sophisticated, they are bringing errors to light that have previously been overlooked, leading to the need to correct up to six million payroll accounts.

It's thought that the PAYE system is no longer able to cope with the level of complexity now built into the British tax system, and the new flexibility of the modern workplace. With employees often changing employers and income brackets, the system just can't keep up. In fact, a new Office of Tax Simplification is now established to find a way to improve the situation.

In the meantime, however, it is thought that small businesses with limited payroll staff are likely to be hardest hit by the added workload this situation will bring.

Small businesses already have to tackle the complex tax system on a regular basis, and stay up to date with regular changes imposed by government. It's no wonder then that many small businesses turn to specialist payroll companies to deal with taxes on their behalf; companies whose job it is to stay up to date with any changes so that you can concentrate on what you do best.

Many small companies are put off by the thought of payroll solutions, feeling that they are more suited to larger corporations. But this situation highlights the implications to smaller companies should anything out of the ordinary occur: delays, increased workload and extra time spent trying to fathom out the system to correct any errors. At Moorepay, we provide specialist payroll services for small business and would be on hand to guide you through any difficult situations that may arise, saving you precious time and unnecessary expense.

PAYE corrections hit small businesses the hardest

By: Definy Thomb

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