We file all our clients RTI submissions free of charge
HMRC Real Time Information (RTI) – the most significant change to payroll reporting since 1944.
After a successful pilot scheme HMRC will be introducing RTI from 6th April 2013.
RTI will become mandatory for all employers from October 2013.
By introducing Real Time Information HMRC hopes to reduce fraud and provide a more efficient response to PAYE errors. In theory this should reduce employers using incorrect tax codes and national insurance numbers, missing student deductions and late payments of PAYE.
RTI will support the introduction of Universal Credits, which will streamline benefits such as Housing, Tax Credits, Income Support and others into one payment.
RTI will provide the Department for Work and Pensions with up to date information about each claimant’s income and employment, ensuring that each claimant gets the correct amount of benefit with more speed and accuracy.
HMRC are not issuing penalties for late or inaccurate RTI submissions to 5th April 2014. However, from the 6th April 2014 it is likely that HMRC will penalise employers not complying. Reports suggest that HMRC will impose a penalty on employers for late or inaccurate submissions in the region of £100.
HMRC are also looking at penalties for late payments of PAYE it is likely that a calculated percentage (percentage not yet know) will be charged against any outstanding PAYE after the due date.
Employers who are frequently late with PAYE payments, hold unsatisfactory records for PAYE , file late or inaccurate Real Time Information are the ones most likely to come under HMRC investigation.
Latest media reports, “HMRC are stepping up spot checks and visits…….”
Don’t get caught up in the RTI headache it really is not hard to comply. Just take a few minutes to contact us, we could save you a lot of time, money and hassle.
Make RTI your New Year resolution