UK firms are making a combined minimum saving of at least £90m by submitting their payroll year-end tax returns online, new research has found.
A survey commissioned by software supplier Sage and conducted by YouGov, questioning 1,368 firms, found that 55% of UK small businesses believe they are saving at least £100 each by submitting their payroll year-end tax returns online, ahead of the deadline.
Moreover, nearly seven in 10 respondents had submitted their business’ payroll year-end tax returns online before, or plan to do so this year as opposed to manual submission.
Under current guidelines, businesses that have between one and 49 employees have until 2010 before online payroll year-end submissions become mandatory. However, for those who submit online this year, they will receive a tax rebate of £150.
Worryingly, the survey found that three in 10 respondents did not know when the deadline was.
Jo Ray, managing director of Sage (UK) limited small business division said: “Clearly from the results of the survey, there are great savings to be had by any business, but more needs to be done to make businesses aware of the benefits they are entitled to.”