The introduction of RTI (Real Time Information) doesn’t change the way you complete your payroll or calculate PAYE, it just means you’ll need to make more regular submissions. You are now required to submit the payroll information you keep to HMRC on or before the day you pay your employees. Going forward, each time you pay your employees you’ll need to submit PAYE information to HMRC, rather than just once a year at Payroll Year End – making the running of payroll much more complex and certainly requiring the use of professional payroll software.
Following concerns over the impact of RTI on small businesses rules of reporting were initially relaxed, however these relaxed rules have now been lifted and small businesses are now required to start reporting each time they pay their employees not just monthly.
It’s important that small business report RTI fully and accurately to avoid the risk of a fine and any penalties. This is why we have a dedicated team at Harvey, Telford & Bates Chartered Accountants who can administer your payroll competently and confidentially, including:
- Customised payslips;
- Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc;
- Completion of statutory forms, including year end returns, to issue to your employees and submit to HMRC;
- Summaries and analyses of staff costs;
- Administration of incentive schemes, bonuses, and ex-gratia and termination payments;
- Administration of pension schemes.
In our clients experience even if you only have a handful of employees, you will make savings if we administer your payroll for you. Please call Harvey, Telford & Bates Chartered Accountants on 01743 462604 to discuss your payroll requirements.