A survey of 222 accountants by UK accountancy and payroll software provider IRIS Software Group has found 62% of accountants see new revenue opportunities through supporting their clients with the Real Time Information (RTI) payroll reporting requirements.
From April 2013, all small and medium-sized businesses will be required to submit tax, National Insurance contributions and other deductions of MRC when or before payments are made, with over half of those questioned describing the new requirements as either ‘a headache’ or ‘unnecessary red tape.’
Despite this, the profession stands to profit from the new legislation, with almost a quarter planning to increase payroll charges by over 20%; and 29% planning to raise prices by 10-15%.
However, 4% of those asked said they intended to charge 50-100% more.
"The upcoming payroll RTI changes are widely seen as the most significant reforms since PAYE was introduced in 1944, so it is imperative that practices start preparing now, particularly when it’s clear that there are revenue opportunities from the additional services that accountants can provide to help support their clients through the changes," IRIS chief executive Phil Robinson said.