Many UK small businesses are unaware of a cash incentive Inland Revenue is offering to firms that file their payroll returns online.
A survey of businesses by accountancy software provider MYOB found that over a quarter of businesses claim they haven’t heard of Inland Revenue’s scheme to offer £250 to all online filers.
Despite the tax bureau’s effort to specifically target small businesses, 33% of companies with under five employees said they were unaware of the initiative.
The scheme is part of Inland Revenue’s plan to change the way it accepts PAYE returns. Online filing will be phased into a mandatory process over the next few years, but businesses with the wherewithal to file online before the compulsory deadline are eligible for cash rewards.
As of May 19th, small businesses with less than 50 employees will be eligible for the £250 incentive in 2005 with the potential to earn up to £835 over the next five years.
