As the deadline for RTI approaches, we’ve been made aware that HMRC are contacting all business owners reminding them of their obligations to ensure they are compliant with the new legislation.
If this is the first you’ve heard of RTI – where have you been?? All small businesses are required to comply with RTI when it comes into effect at the start of the new tax year on 6th April 2013.
Luckily, if you are a client of ours, then you don’t need to worry about how RTI will impact your business. We are shortly going to be rolling out a change to our payroll process whereby you will be able to submit your information to HMRC as part of your usual usage of our online application.
As contractors can sometimes be paid sporadically, the flexibility our online application provides both contractors and small businesses is well suited to the requirements of Real-time Information. Whenever you go to pay yourself, you’ll simple need to open your pay advice within the app, and once satisfied, click a button to send to HMRC before you complete the transaction to pay yourself via your business bank account.
A full step by step guide to how to pay yourself and comply with RTI will be distributed shortly. It’s important you follow the new steps to ensure you’re business sends the necessary information through to HMRC whenever you take a salary payment from your business.
If you encounter any problems, or are confused by RTI, we’re always here to answer your queries.
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