Exemptions to Reporting in Real Time (RTI)

Important Information for SME's regarding real time information
WEST BROMWICH, England - March 29, 2013 - PRLog -- HMRC have accepted that small employers with less than 50 employee’s who pay their employee’s weekly or more often but only run their payrolls once a month will need longer to adapt to the new RTI changes and reporting requirements, so have thereofore agreed to relax the reporting requirements for small employers.

So employers who find it difficult to report every payment they make, will now be able to submit their information when they run their regular payroll but no later than the end of the tax month, (5th of each month).

Transitional arrangements to run up to 5 October 2013 for small employers (those with fewer than 50 employees) who run their payroll monthly, but pay their staff more frequently

These transitional arrangements only apply to small employers who manually pay their staff, for example, weekly or fortnightly and then take their records to their payroll provider monthly to process the payroll for the month. These arrangements do not apply to small employers who can run their payrolls weekly or fortnightly and can report payroll information at the time of payment. These small employers will still need to submit a weekly or fortnightly FPS on or before the date each payment is made to employees. This will be the easiest and quickest way of operating their payroll.

These transitional arrangements do not remove the requirement to deduct the correct amount of tax, NICs and student loan repayments as the earnings are paid to employees.For further details, please use this link, http://www.payrollservicescompany.co.uk/wp-content/uploads/Exemptions-to-Reporting-in-Real-Time.pdf
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Tags:Outsourced Payroll, Hmrc, Rti, Exemptions, Paye
Industry:Accounting, Business
Location:West Bromwich - West Midlands - England
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