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Real Time Information Update

Posted Jul 2, 02:07 PM

By malcolm

Real Time Information (RTI) became compulsory for all employers this year. Under this scheme employers have to file details of pay and tax each time they make payments to employers.

A good number of employers have not yet filed anything and HMRC are sending strongly worded letters threatening penalties for non-compliance. If you are employing people but have not filed, clearly that needs to be dealt with. However many employers will not have paid anyone and therefore are not required to file.

HMRC would like employers who have not paid anyone in a month to file a nil return on an EPS (Employers Payment Submission) so that they know the position. However this is not compulsory.

HMRC have also stated that there should be no penalties for late filing in 2013/14.

Whilst it is essential to get your PAYE compliance sorted you should not be pressured by heavy handed correspondence from HMRC.

What people are saying

“As a relatively new start up business we are still very sensitive to costs. Recently we received a quotation from QBS Online on a “like for like” services basis with our existing accountants. We have made the decision to move to QBS which will realize a 36% reduction in our accountancy costs. This is most welcome news at a time where every penny counts.”

- Nigel Messenger, MD, Castleman UK Ltd

Using QBS has changed the way we do business. Previously we were using many suppliers to help us with things like accounts, payroll, even IT support. Now we use QBS for all manner of business procedures, which has simplified our outgoings and allowed us more time to spend on growing our business.

- DH, Haus Digital Ltd

 

 

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