The latest changes to HMRC data collection will almost certainly affect your business if you are an employer.
You may also be impacted if you’re a shareholder or you’re self-employed. You’ll need to act quickly to make sure that you’re compliant with these new regulations.
Although they’re controversial, they’ll be put into effect over the next two years.
HMRC expects that the new legislation will affect 1.2m self-employed businesses each year, 1.9m PAYE-registered businesses including civil society organisations, and 900,000 businesses which include shareholders of an owner-managed business, who will be required to submit information to HMRC by 2026.
In this blog you’ll learn about:
- what are the changes to HMRC data collection?
- why is the government introducing these changes?
- what do these changes mean for employers?
- what do the changes to HMRC data collection mean for payroll agents?
- the significance of these changes for self-employed taxpayers
- final thoughts on changes to HMRC data collection.
