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Treasury U-Turn Adds To Red Tape Burden,
by Amanda Banks, Tax-News.com, London
Friday, May 16, 2008
Accountancy firm PKF is warning that the Chancellor’s announcement of
increased tax allowances and changes to the basic rate band will cause more
paperwork for employers who are already struggling to deal with changes to the
PAYE system.
While welcoming the compensation for lower paid employees, Employment Tax and
Rewards Partner Philip Fisher on Wednesday pointed out that:
“With business and public sector payroll teams across the UK racing to
meet the impending filing deadlines for year end returns, the last thing they
needed was news of more changes in September.”
The tax rates and allowances already announced for 2008/09 were due to be applied
for all pay dates from 18th May, 2008.
This up-rating exercise will now have to be repeated in September. HMRC will
have to reissue thousands of notices of coding, and reprint the payroll tax tables
that all employers use. Payroll software suppliers will also have to issue updates
to their customers.
“Although it may seem small compared to the GBP2.7bn tax cost of these
concessions, the cost of this duplicated effort to HMRC and employers is another
reminder of why the Government should get these things right the first time
round," Mr Fisher commented.
“This is tinkering around the edges. Decisive, root and branch reform
of payroll taxes is needed to give the simple and progressive regime that the
Government claims to want," he concluded.
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