HMRC have been pretty lenient during the phasing-in of Real Time Information (RTI) reporting. The requirement to report payments to employees in real time (i.e. on or before the actual pay day) became full operational for all employers from April 2013. However, to allow employers to get used to the new systems, Inland Revenue have, so far, not imposed any penalties for late filing - that is all about to change! The following statement is taken from the HMRC website:
"New late filing penalties will apply to returns due from employers for the tax year 2014-15 onwards. Having listened to customer feedback, HMRC is deferring the start of these penalties to give HMRC and employers more time to adapt to reporting in real time. They will now start from 6 October 2014. To avoid late filing penalties, you must make sure all submissions due are fully up to date by 5 October 2014."
So, time is running short to get your house in order. Have you got systems in place to ensure that everything is up-to-date by 5th October and that all future returns can be made in a timely fashion? If not, now would be a good time to consult a Payroll Professional for advice - you may well find that it actually saves you mioney by avoiding penalties.
Married for 41 years to the wonderful Sheila. 5 Children (4 girls and 1 boy) and 7 fabulous grandchildren. I am a Christian and am currently churchwarden at St Peter’s Church, Rock Ferry. I love the…
