Door Industry Journal - Winter 2012

Also online at: www.dijonline.co.uk 59 THE door industry journal winter 2012 business news NEW PAYE SYSTEM ‘IMPOSES NEW BURDENS’ ON SMEs HM Revenue & Customs’ new PAYE system, known as Real Time Information (RTI), will create new burdens for smaller businesses, which some will find difficult to cope with, according to the Institute of Chartered Accountants in England and Wales (ICAEW). The new RTI regime, which launches next April, will require employers to report information on the payments and deductions they have made under PAYE when or before each payment is made. Some advisory groups have warned that smaller employers could find it extremely difficult to send information in real time. HMRC has recently proposed that in some circumstances, where reporting in real time is impractical, employers could be allowed an additional seven days to report. However, the ICAEW is calling for employers to be required to make a single RTI return on the 19th of the month following the month of payment, in line with the existing PAYE due date. Frank Haskew of the ICAEW said, “The ‘on or before’ rule even as amended completely ignores the way the real world works. It will add significantly to compliance costs and burdens for many small and medium sized businesses”. Find out more about HMRC’s RTI regime in the Business News section of our blog www.doorindustryjournal.blogspot.com or simply search for RTI or HMRC. GROW SALES WITH … CARDS AT CHRISTMAS As the festive season draws near, you can make it easier for customers to pay by giving them the option to pay by credit or debit card – and grow your sales at the same time! If you’re already starting to think “expensive terminal and account fees” then read on … because there’s a new and innovative way to take card payments, with a new ‘Pay As You Go’ service from payatrader.com. Used by small businesses across the UK, Payatrader.com offers a card processing solution with no monthly or minimum usage fees and no minimum term contract. This means you only pay when you accept a card payment – making it ideal for businesses that take low volumes of card transactions. Once you’ve joined Payatrader, you can take a payment anywhere and at any time of day – online at your website, over the telephone using a computer based virtual terminal, by mobile, by sending an email payment request and via a 24/7 payments line. The only outlay is a one-off joining fee of £99. After this you just pay a small processing fee each time you accept a payment. Is it for you? It’s definitely worth checking it out at www.payatrader.com – especially if you only take low volumes of card payments. CHRISTMAS READER OFFER Join Payatrader and save £25 off the joining fee! Visit www.Payatrader.com and use code CHRISTMAS when you apply. REVALUATION OF BUSINESS RATES POSTPONED UNTIL 2017 The Government has postponed next year’s planned revaluation of business rates until 2017, with the stated aim of protecting small businesses against unexpected increases in rates. Since the economic downturn began, rents in poorer areas have fallen significantly, but in richer areas they have remained high. However, business rates have remained unchanged throughout this period. According to Government figures, while around 300,000 businesses would benefit from a revaluation, a further 800,000 would face an increase in costs. Commenting on the decision, Liz Peace of the British Property Federation said, “By postponing, the Government is not allowing the downward adjustment that would otherwise take place for suffering retailers”. Retail tsar Mary Portas, who last year conducted a review into the UK’s high streets, called the decision ‘a tragedy for the high street’.