Introduced in April 2013 employers have been reporting PAYE information to HM Revenue & Customs (HMRC) in real time. You may see this referred to as Real Time Information – or RTI.
One implication of this is that all manual payroll systems will have to be transferred to payroll software, making real time PAYE a reality.
Change to this PAYE real time scheme has been gradual, but in year 2014-15 employers must set up payroll records for all employees paid during the tax year. Records must include all employees, no matter how much they’ve been paid, even those earning below £111 per week (NICs Lower Earnings Limit 2014-15) or those paid just once a year. Plus you must include any employee who has left since 6th April, but before you had chance to transfer their payroll records across.
It’s all very onerous and adds a considerable administrative burden on a business what’s more there are large penalties if you fail to comply.
Need a Hand?
Do you need to move your payroll over to real time information? There is an easy way…….. ask the team here at First Call to take care of it for you.
We have already helped lots of businesses move their PAYE over to real time reporting and so can help you manage the process effectively, Alternatively our managed payroll service is fully RTI compliant and gives a number of added benefits.
We offer a free initial consultation to any business thinking of using our services, call the team on 0117 379 0810 to arrange an appointment. You have nothing to lose but lots to gain.