I am gemused to see that despite HMRC's propaganda drive to convince us that its flagship Real Time Information (RTI) is ship shape and Bristol fashion, not everyone has fallen for the BS.
Step forward my own professional body, the ICAEW, which is scathing about RTI calling it:
“at best unrealistic and at worst impossible”
The ICAEW is of the view that due to restrictions under RTI, employers have to submit a return within seven days. Frank Haskew, head of ICAEW Tax Faculty, is quoted by Economia:
"It will not work for many businesses.A poll of 1,700 firms by the Federation of Small Businesses last month found that 25% had never heard of the new RTI payroll system, with only 16% fully aware of it.
It’s not yet clear what HRMC will do if faced with widespread non-compliance by employers – will they apply penalties or turn a blind eye?
Either way, the requirement could inflict serious damage to the credibility of the UK tax system."
In addition, two thirds of respondents to the survey were sceptical that RTI will achieve its aims and more than 60% of firms have not had any communication from HMRC about the changes.
Ship shape and Bristol fashion?
I don't think so!
Tax does have to be taxing.
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