RTI “Relaxed Reporting” Update
HMRC has announced that it will be extending its temporary relaxation of the Real Time Information reporting rules for smaller businesses from October 2013 until April 2014.
The rules apply to businesses with fewer than 50 employees and allow them to send PAYE information to HM Revenue and Customs by the date of their regular payroll run, but no later than the end of the tax month.
These businesses are still required to report through the new system, but are able to do so just once a month rather than every time they pay their employees, meaning smaller businesses who pay weekly, but only run their payroll at the end of the month, have some extra time to adjust to the new requirements.
More than 1.4 million employer PAYE schemes are now reporting to HMRC in real time since its launch in April.
All employers need to plan to be reporting in real time by April 2014, but HMRC is continuing to work with businesses in the near future to detect any specific circumstances with on-or-before reporting that need catering for in the longer term.
If you have any queries regarding RTI or would like to find out more about Champion’s Payroll Service, please contact DIANE NIXON on 0161 703 2500 or e-mail firstname.lastname@example.org