Several writers in the business trade press have voiced their concerns regarding HMRC’s timetable for the introduction of RTI (Real Time Information). Kevin Reed of Accounting Web in particular feels that small businesses will find the requirements too onerous, and earlier this month wrote:
“Vince Cable’s business department sends out press releases on a seemingly daily basis about cutting red tape and easing the reporting requirements on small business. But concerns from advisors about the burden RTI will place on SMEs suggests that the government is taking one step forward and two steps back. Perish the thought that BIS and the Treasury aren’t joined up on this initiative.
Concerns remain about the taxman’s ability to deliver the system, while advisors at the sharp end foresee big problems for their clients.
As with the construction industry tax scheme in the mid-noughties, the taxman will have to take on board the growing concerns that more time is needed to make sure this works for everyone.
Put it off a year. HMRC won’t get the same stick for doing so compared to what it would receive if this was to fail.”
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