From April 2014 HMRC will get tough on employers who fail to meet their RTI reporting and payment requirements.
The majority of employers are coming to the end of their first full year of reporting under RTI where HMRC have been applying a “relaxed” regime for small employers and few penalties for non-compliance have been applied.
However, HMRC have announced a staggered start to interest and penalty charges as follows:
- April 2014 – in-year interest on any in-year payments not made by the due date
- October 2014 – automatic in-year late filing penalties
- April 2015 – automatic in-year late payment penalties.
It will start to get costly if you do not get it right on time!
If you are struggling with running your payroll why not talk to us at Glover Stanbury & Co, we have already been operating RTI for over a year and will be able to advise you on methods to streamline your payroll process with such techniques as emailed payslips and BACS payments to employees. Alternatively we can run the whole process for you in our payroll bureau.
We won’t be able to provide you with the funds to make the payments but we will be able to help you save time so you will be able to concentrate on making money in your business!