Payroll means Real Time Information (RTI) reporting requirements for employers.
That can be a big headache.
So what is RTI?
In a nutshell, it’s a requirement to report changes and tax payments on or before every single payday.
You must make sure your payroll systems and software are approved by HM Revenue and Customs and fully RTI-compliant. Here’s a quick checklist of things you need to ensure:
- Do you use RTI-compliant software?
- Is your agent (accountant) signed up as your agent so they can report RTI on your behalf?
- Is your broadband capability of sufficient strength and speed to handle the submissions due on the same date?
- Do you have an RTI expert you can talk to – someone fully conversant with the legislation and who can help with any queries?
- Does your provider have sufficient Professional Indemnity (PI) insurance cover to protect both your business and theirs from potential claims?
Payroll is so much hassle since RTI was introduced in 2013. And Auto Enrolment makes it even worse.
The penalties for incorrect reporting are severe.
For example, the late filing penalties typically range from £100 to £400 (depending on the number of employees). That’s every month. So over a year penalties for late filing could amount to as much as £4,800. Additionally there is a penalty of 5% of tax and NIC that should have been reported if you are more than 3 months late.
But don’t worry… we can take away this hassle and ensure you avoid penalties.
Leaving us to deal with your payroll takes away all the headaches and frees up your time to focus on running your business. You can sleep at night knowing your payroll will be submitted on time. And that means you don’t need to worry about the severe penalties of up to £400 per month.
Professional payroll advice is just a click away. Less stress as we take care of the complicated bits. Enhanced data confidentiality. Improved record retention for PAYE inspection purposes. No internal payroll software and reduced IT costs. Real time information to support business decisions.
Let us handle your payroll and we'll make an impact on the world
As a B1G1 business for good, we will make a donation to a good cause if you ask us to manage your payroll.
How much will it cost?
Prices are based on the number of employees and frequency of pay. Clcick the link below to discuss options for your business.
Note: The price of this service is fully deductible for tax purposes, which means, in effect, HM Revenue and Customs will refund you a portion of the cost (subject to the rate of tax you pay).
Contact us today to discuss how we could be working for you to take away your payroll headaches