Chapman Upchurch, income tax return, IRD
Income tax returns about to get easier
In April, IRD will also 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 being brought forward to 2019, to coincide with tax returns being done under the new system, which – again – will make things simpler for SMEs.
Let us know if you have any questions about the upcoming changes.
