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The consultation which was due to start after the March Budget into the options available to integrate the operation of income tax and National Insurance Contributions (NICs) after discussions with employers and other groups has been delayed due to the technical challenges involved in integrating the operations of income tax and NICs - and the potential disruption for employers’ payroll systems - the consultation will now not be held until after the summer.
A spokesman for the Treasury said:
“As many stakeholders have recognised, this is a complex issue with potentially significant implications for employers’ payroll operations,” the Treasury said at the end of May.
They went on to add that the government remained committed to exploring the potential for integration and would provide an update in the autumn.
Tax experts have welcomed the plan to integrate the operations of income tax and NICs but as Stuart Coleman, Manager of the Tax Department of ABDS says:
“The project will have to overcome some big technical and administrative challenges especially as this project coincides with separate overhaul of the tax system.”
A planned move to Real Time Information (RTI) for PAYE records will see employers send the taxman information about tax and national insurance deductions at the same time as they pay their employees, rather than at the end of the financial year. Real-time PAYE is due to start for big companies from April 2013. The information will be sent electronically.
If you need any help and advice for your business on Payroll, National Insurance or an Income Tax, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar and see how ABDS can help.
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: email@example.com
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