New Rules for Dividend Disclosure and Employee Hours Reporting
From April 2025, HMRC gains powers to collect dividend payment details from owner-managed business directors. Employers must report individual employees' hours using real-time PAYE. Stakeholder feedback led to scaled-back data collection plans, focusing on essential information only. Penalties of £60 apply for non-compliance.
The new rules aim to enhance tax compliance, support the labor market, and reduce administrative burdens. Striking the right balance between data collection and taxpayer concerns remains crucial.
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