Self-employed traders and small business owners can gain a £75 bonus for filing tax returns online as part of a new initiative from HMRC.
HM Revenue & Customs (HMRC) has announced the launch of a new bonus scheme for small businesses filing their tax returns online.
Under recently-introduced rules, businesses employing fewer than 50 workers are required to register with the official PAYE Online for Employers service and then file their tax information over the internet.
With the necessary activation pin taking up to a week to arrive after a firm registers its details and all tax returns due by May 19th, HMRC is offering an incentive of £75 for employers to get their yearly tax and national insurance information in on time.
Notably, even small businesses who have tax advisors or a payroll bureaux filing tax returns on their behalf will also qualify for the cash reward, providing they meet the deadline.
Sue Williams from HMRC said: "We are accepting returns now, and would urge all employers to send them in as soon as they are ready, to avoid any last-minute rush."
At the same time, the Federation of Small Businesses has welcomed the new online payment reward, although it called on internet service providers to ensure broadband connections are up to speed so as to ensure no employers miss the relevant deadlines and are therefore liable to fines.
