RTI Errors will be Penalised from April 2013
HM Revenue and Customs (HMRC) will be taking a tough stance on errors in PAYE submissions when Real Time Information (RTI) is launched next year.
HMRC has announced that it will impose financial penalties for errors in submissions from April 2013, as soon as RTI comes into force. However, penalties will not be imposed on late filing of returns until April 2014.
Under RTI, which will be mandatory, 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 tax year as they do now.
This tough stance from HMRC on errors will come as a disappointment to many smaller employers as it means penalties will be imposed from the very start of the new system when errors are much more likely as people get used to it.
This means it has never been more important to address this major change now and if necessary seek professional help to ensure that everything runs smoothly when next April comes around, to avoid the cost of being caught out.
For further information, please contact Lorraine Wilkinson at the office or click here to read more about this issue on HMRCs website.
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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