A recent caller into Rothmans Salisbury Chartered Accountants asked
"I’m worried that I’m going to get charged lots of penalties if I don’t operate this new PAYE regime correctly. What can I do to prepare?"
Our advice is that there are a number of things you can do to get ready for Real Time Information (RTI):
- Check your employees’ data is correct and complete.
- Check the payroll software you are using is the latest version i.e. RTI compliant.
- Check you are registered to use HMRC’s PAYE online; you will need your login details when your software sends your reports.
- Check that you business name and tax references are correct with HMRC.
Under RTI, you submit details online to HMRC every time you pay an employee, at the time you pay them. However, HMRC have recently announced that until October 2013, those with 50 or fewer employees get more time to report. This is in response to concerns expressed that the requirement to report to HMRC “on or before” the employee is paid would be difficult and onerous for smaller businesses. This may alleviate the burden a little for a time but you need to act now to get your affairs in order.
If you need help or advice on this please do call your usual office or contact Sue at Salisbury firstname.lastname@example.org