HMRC reels in £737m from business payroll errors – and SMEs pay more than half
23 June, 2016
An independent study has revealed that investigations into slip-ups on payroll compliance netted the taxman £737m last year – more than half of which was paid for by SMEs.
Payroll errors are costing smaller businesses a fortune, and the study highlights the importance of SMEs consulting specialists for payroll advice.
The study revealed that SMEs paid £373m to HM Revenue & Customs (HMRC) for their mistakes – over 50 per cent of the total amount – despite the fact that small and medium-sized businesses are accountable for just 12 per cent of the UK’s payroll.
At Watson Buckle, we can handle all of your businesses payroll obligations and offer expert advice to ensure your business is compliant, tax efficient and free from any potential complications or charges. For more information about our payroll services, please contact us.