Income tax returns about to get easier

In April, IRD will introduce payday reporting of PAYE information – that is, employers will need to report employee payments to Inland Revenue (IR) every pay run. To give you time to put systems in place, businesses will have a year before it becomes mandatory.

Hand in hand with that, IRD will begin collecting PAYE info for the 2018/19 year to allow pre-population of income tax returns. That should make life a bit easier for SMEs. What’s more, the release of Working for Families is now 2019, to coincide with tax returns being done under the new system, which – again – will make things simpler for SMEs.

If you have any questions about the upcoming PAYE changes, please get in touch.

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