David Miller from The Customs People clarifies the practical measures small businesses trading...
In April 2013 HMRC introduced major changes to Payroll law. Real Time Information (RTI) is the new way of reporting PAYE and requires all employers and pension providers to submit information about PAYE payments throughout the year, rather than at the end of the year.
We have an in-house specialist RTI team who are here to ensure you are fully compliant with HMRC's requirements. Our team are happy to take your call now to help you to understand the process and your options. If your business hasn't already made the switch there are a number of actions that need to be taken for RTI data to be submitted correctly.
things to consider
- You will need to check that your payroll data is in the correct format for RTI purposes
- If you use payroll software this will need updating in order to process and submit RTI data
- If you do not use payroll software then you will need to plan ahead now
- If you pay your employees by direct Bacs then you will need to include the hash cross references
It's essential that you start to prepare for this now as the process can be time consuming, costly and disruptive. There are large fines for non-compliance so you need to ensure that you know how changes will affect your business and the adjustments you need to make to your PAYE processes.
Want to learn more about our Payroll services? Call 0161 477 2474 or email Inspired@Hurst.co.uk