RTI (Real Time Information)
Important information about new HMRC reporting requirements
Hopefully your existing accountant or payroll provider has already been in touch with you about RTI (Real Time Information) – the new HMRC reporting requirement for employers that comes into force from April 2013.
We’re writing to all our business contacts in the local area to make sure this new legislation is fully recognised and understood before any penalties are incurred by our associates.
So, what is RTI?
In a nutshell, HMRC will soon be introducing RTI, a new way of reporting for employers which will replace the year-end P35 or P14 forms.
RTI will affect any employer that has runs a payroll for its team, whether manual or system-based. Instead of reporting changes and figures at the end of the tax year, you’ll be required to report on or before every single payday.
What’s more, this will be compulsory from April 2013 for any company with less than 5,000 employees – which includes your firm.
Are you ready?
If you’re currently running your own payroll you should be aware that these changes may cause an extra administrative burden and your internal systems may need an overhaul in order to cope with the additional work required.
Already have a payroll provider?
Of course, if you already outsource your payroll, your existing provider should have RTI covered already, but we’d suggest checking with them just in case.
Leslie Eriera & Co has invested in Sage Payroll software to run payrolls for our clients and this has been approved by HMRC as fully RTI-compliant. So, whether you run your own payroll or outsource already, why not consider letting us give you a quote for running your payroll and dealing with the additional reporting necessary for RTI? You may be pleasantly surprised how cost-effective this can be.
If you’d like to find out more about our payroll services or how RTI could affect your firm, please don’t hesitate to get in touch. Just contact our RTI champion, David Barber on 0800 848 8006 or on the email on the home page and he will be happy to have a confidential chat about your options.