Rothmans Southampton are aware that If you run a small business and have two employees you may be wondering about the The Revenue and payroll. It is true that the Revenue is not going to do Your payroll.
Things will continue as before but you will be required to provide the tax man with details of:
- hours worked,
- amounts paid, and
- deductions made
for each of your employees, each time they are paid instead of waiting until after the end of the tax year. This is known as Real Time Information or RTI
This will all be done online and if you have payroll software you can use that or, as you have fewer than 10 employees, you will be able to use HMRC’s own free tool.
You will be invited to make the change to RTI sometime between April and October 2013.
In order to prepare you should check the information you hold about your employees is correct and in the right format, i.e.
- full names and not initials
- date of birth in format DD/MM/YYYY
- NI number as two letters, six digits followed by either A, B, C or D.
There is a lot of information on HMRC’s website or you can contact us if you need help.