Payroll changes fast approaching
Those employers who have not yet prepared for Real Time Information (RTI) should note that they need to do so before the changes take effect on 6 April.
Under RTI, all employers will be required to submit details of salary payments and deductions as they are made, rather than waiting until the end of the month or tax year as they do now.
HM Revenue and Customs (HMRC) has now sent out its final reminders about the change, with businesses being warned that financial penalties will be imposed for errors in submissions as soon as RTI takes effect, while late filing penalties will come into force from April 2014.
We have heard reports that many smaller businesses are still not ready for RTI. If your business is one of these, then now is the time to remedy the situation by seeking professional advice as soon as possible.
One way to ensure you are fully compliant with RTI is to outsource your company’s payroll function to a qualified accountancy firm, who can take care of everything for you. If in doubt, it is always best to seek advice.
For further information, please contact Lorraine Wilkinson at our office.
Author: Lorraine Wilkinson
Lorraine joined Scott & Wilkinson in 2001 bringing with her over 20 years payroll experience. As payroll manager, she oversees the smooth running of the firms payroll bureau which includes all aspects of day to day payroll. Lorraine is...
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