Many small businesses in the UK that are PAYE-registered are still not adhering to HMRC’s Real Time Information (RTI) legislation when they process their payroll.
However, time is now running out and HMRC will start issuing fines and penalties from 6th April 2014 onwards!
Unfortunately there has been some confusion in the market and in the media about RTI which hasn’t been helped by several relaxations and amendments to the legislation over the past year (which we have chronicled here on our blog).
But, if you are one of the businesses who is yet to submit your payroll information to HMRC in ‘Real Time’ (i.e. at the same time that you do a payroll run) then you will be fined a minimum of £100.
These fines are a completely unnecessary expense for small businesses as RTI is really quite a simple thing to do, especially with Sage One Payroll which is ‘RTI Ready’.
Furthermore, if you do get fined, you will still then have to pay for RTI-compliant software or a payroll service that uses it, potentially doubling the cost for your business.
However, for just £5, £10 or £15 a month (for the 5, 10 or 15 employee version), Sage One Payroll will save you time and money when running your payroll. It also includes free 24hr telephone and email support if you have any questions.
Get RTI Ready now!
With just over 2 months to get RTI Ready, we’re on a mission to raise awareness of the issue and are urging small businesses to sign up for a free 30 day trial now so they have plenty of time to get used to submitting their payroll in Real Time.
(If you have more than 15 employees or would just prefer to have desktop software, see Sage’s full range of RTI Ready payroll software here).