Government Incentive Scheme for Small Business Users
By the year 2010 the Inland Revenue wants all small businesses, with fewer than 50 employees, to submit their P14 end-of-year summary figures and P35 year-end declarations via the Internet. If you do not submit your year-end documents online, you may want to, because small businesses could receive a Government incentive payment worth up to £825, explains Damian Broughton at Preston accountancy firm Danbro.
The Government would like to ‘speed up’ the online process, and is therefore offering incentive payments from the next financial year. As the payments are calculated on a sliding scale, the sooner you change over the more you get. Businesses that start online submission from the next financial year will be able to claim a total of £825, and seeing as you will have to submit your documents online eventually, you may as well start now.
To be eligible for the money, you must have the right payroll software and register with the Inland Revenue. Many accounting firms can offer you a payroll service, and will even take care of claiming the incentive payment offered by the Government for you.
