Employment law requires that all businesses must keep records of every staff member regardless of their remuneration levels. Payroll plays an important role in almost all businesses and with complex PAYE regulations you have to be ensure that you don’t fall foul of the requirements.
In April 2013 HM Revenue & Customs (HMRC) is introducing a new way of reporting PAYE: Real Time Information, or RTI.
‘Real Time Information’ means that employers and pension providers will tell HMRC about PAYE payments at the time they are made as part of their payroll process. Payroll software will collect the necessary information and send it to HMRC Online.
So you will submit information about PAYE payments throughout the year as part of your payroll process, rather than at the end of the year as you do now.
RTI only affects the submission of PAYE information – payment arrangements will remain unchanged.
Most employers will be legally required to report payroll information in real time from April 2013 with all employers doing so before October 2013. HMRC will tell you when your business needs to make this move.
· Pay & File for companies and Tax free payments for
· Company cars and Benefits-In-Kind and employee
· Directors’ remuneration; P11D’s.
· Advice on minimum wage.
· Guidance on Sick pay and Maternity pay,
· PAYE and NIC; P35′s; P14′s; P45′s; P46′s; P60′s.
· Payroll set up and provide customised payslips.
· Payroll investigations.
If you would like more information or would like to ask us a question then call us on 0161 283 9639.
JT Accountants take every care in making their recommendations and offering advice, any contract is bound between the selected accountant and the client. JT Accountants cannot be held liable for any failure on the part of either of the parties concerned. JT Accountants is a trading name of JT Accountants Limited Company No. 06554865. Registered in England and Wales. Registered Office Flat 1, Sir Matt Busby Way, Old Trafford, Manchester, M16 0QG.