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Business News 15 Feb 2013

Tax body calls for extension to RTI penalty-free period

HM Revenue & Customs (HMRC) is being urged to extend the penalty-free period for employers submitting inaccurate PAYE returns under the new Real Time Information (RTI) regime.

The call came from the Chartered Institute of Taxation (CIOT) and follows the launch of a Government consultation on Draft Finance Bill 2013 Clauses: Real Time Information (RTI) - Penalties: Late Filing, Late Payment and Errors.

The Government is consulting on plans to levy penalties on inaccurate submissions as soon as Finance Bill 2013 gains royal assent, which is usually in July.



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