companies house made easy

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Sole traders, entrepreneurs and other individuals who are required to fill out self-assessment tax returns will not receive a late filing penalty if they make their submission on the 1st or 2nd of February.

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SMEs have been told that from May 2010, they will no longer be able to submit their employees’ pay records on paper, and must complete them online.

Companies with fewer than 50 staff had been permitted to file paper records, but will now have to register with HMRC’s online PAYE filing service.

“Major changes to PAYE filing and payment are only a matter of weeks away, so employers need to make sure they’re well prepared for them,” stated Stephen Banyard of HMRC.

“We will be writing to affected employers over the coming weeks, so please look out for this information, and take the time to read it.”

Fines will be incurred by small companies who hand in paper returns, and also for firms which do not submit their returns before the deadline on May 19th.

Register for online filing at www.hmrc.gov.uk/paye