Are you still not ready for Real Time Information (RTI) ?
HMRC has admitted that it recognises many small businesses, who pay employees on a weekly sometimes only process their payroll monthly, and due to this they may need longer to familiarise to the new RTI reporting issues.
They announced that businesses with less than 50 employees will be able to take advantage of a relaxation in Real Time Information (RTI) reporting rules for the first six months of its inception
This means that until 5 October 2013, businesses with fewer than 50 employees, who struggle to report every payment to employees at the time of payment, will be allowed to send information to HMRC by the date of their regular payroll run – but no later than the end of the tax month (5th).
This relaxation is a result of heightened pressure from a number of bodies that wrote to Exchequer Secretary to the Treasury collectively to outline their concerns small businesses faced regarding the new RTI reporting system. HMRC has confirmed it will continue to work with employer representatives throughout the summer to measure the impact of RTI on the smallest firms.
It will look to assess whether they can make improvements to the system to address SME concerns without compromising the overall benefits of RTI or the success of the Department for Work & Pension’s (DWP) Universal Credit.
<< Back to main news page