RTI, or Real Time Information, HMRC?s new PAYE reporting system is suddenly almost upon us. From 1st April 2013, PAYE will need to be reported to HMRC in real time. You might have seen and/or heard the adverts. Lots of companies are not prepared and are beginning to panic. Our message is: don?t panic, because at J L Payroll we can help.
Many employers are still unaware of the Payroll implications that RTI will have on their companies. Equally, we know of many accountants who are outsourcing their Payroll operations to specialists like us due to the additional time and costs associated with RTI.
You?ll be glad to know that at JLP, as payroll specialists, we already have all the information needed to run Real Time Information payrolls on our system, and have done all the System Cleansing required by HMRC. This is vital, because without it, HMRC will not allow firms to submit the necessary payroll information.
We?re RTI Ready. Are you?
The message is getting out that we?re RTI Ready at J L Payroll and we?re delighted that we?re signing up lots of new customers who aren?t ready and are wondering how on earth they are going to manage the new system.
So why the panic? You?ll be fined if you don?t comply!
The old system allowed companies to complete the necessary payroll paperwork within a 12 month period in time for year end ? everything was done retrospectively. This no longer the case, because RTI requires you to submit the report in real time BEFORE YOU ACTUALLY MAKE THE PAYMENTS TO YOUR EMPLOYEES. So if your staff are paid weekly, you have a week to get the information ready and sent off; two weeks if paid fortnightly, and so on.
In reality, RTI means completing the normal year end at the end of every payroll period. And what?s more, you will be fined by HMRC if you don?t comply!!
And that?s not all!
Under RTI if you make an error and have underpaid an employee, you?ll be required to make another Real Time Information submission to be made before you can pay the difference, taking up yet more of your time
Let the experts take the strain for you
There?s no doubt that RTI will take some getting used to. It will be very time consuming and expensive, even if you invest in the right software. So ask yourself a question ? is it really worth the hassle? We?ve already done all the hard work and we can run Payrolls from as little as ?15 per month.
We have taken on many new clients over the last month who thought they were running the payroll correctly, but with the coming of RTI realised that they wouldn?t be and that it would take a lot to get things right.
We?ve got the expertise and the experience. So, as they say ? leave your RTI Payroll to the experts. Get in touch and we?ll show you how it?s done.