Real Time Information or Real Time Headache?
Under the new Real Time Information (RTI) legislation HMRC needs to be updated every time a payment is made. For most employees that means data must be sent monthly after each payday. Employers paying weekly will have to send weekly updates. The volume of information being accumulated and transferred, involving more than 44 million PAYE workers, is staggering … and in many cases is creating a real time headache for business owners.
Brian Bates, Managing Director of Harvey Telford & Bates said:
‘Up until now the Government has taken a light touch with small companies that currently do not comply with the legislation, however, we know that this approach will change from March 2015 when the Government starts to roll out fines which could be around £100 per month. We strongly recommend to our clients and to businesses in general that you need to take a professional approach to payroll, ideally appointing an expert, and with further changes coming down the line such as Auto Enrolment this will make doing payroll internally almost impossible for smaller businesses’.
