Quarter of Employers still unaware of RTI
New information has revealed that many Employers are still unaware of the new requirements concerning the way they will have to report their payroll figures to the tax office.
The Real Time Information (RTI) system will be mandatory for all employers, who will be required to submit details of salary payments and deductions as they are made, rather than reporting at the end of the tax year as they do now.
However, a survey by the Federation of Small Businesses (FSB) has found that many smaller firms are still unprepared for the change, which takes effect from April next year.
Of the 1,700 small firms polled, just 16 per cent were fully aware of RTI, while 25 per cent had never heard of it. The survey also found that 60 per cent of firms had not received any communication from HM Revenue and Customs (HMRC) about the changes.
These figures suggest that the Government’s campaign to promote RTI has not been as successful as it would have hoped, with many businesses still completely unaware that they will have to change the way they report their payroll to HMRC in just over five months’ time or otherwise may risk being penalised.
If you are unsure whether your business is ready for RTI, you should seek advice as soon as possible, as there are a number of steps that an employer must complete before it can provide the real time information to HMRC, and some employers may need to buy new software or look to outsource their payroll function.
For further information regarding Real Time Information (RTI) or any of our payroll services, please do not hesitate to contact Lorraine Wilkinson at the 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...
Add your Comment
We have the ability to edit and/or delete posts and comments. Links should be relevant to the topics. Please note all comments are subject to review before inclusion.