Posted by Simon Misiewicz on 22nd March 2013
Are you getting tired of your administration?
Are you worried about the new regulations being set by HMRC for Real Time reporting?
More worryingly there may be people out there that do not know what Real Time reporting is or how it will affect them.
Real Time Reporting was due to start this April:
- Requirements for all businesses with employees send details to HMRC every time they pay an employee, at the time they pay them
- Use payroll software to send this information electronically as part of their routine payroll process
HM Revenue and Customs (HMRC) have agreed to delay the start date of the real-time payroll changes on small business owners because Administrative Burden Advisory Board (ABAB) has stepped in with their concerns suggesting that businesses may not have their systems ready for Real Time Information reporting.
Real Time Reporting will require you to submit pay as you earn (PAYE) information every time you pay employees, rather than just once a year at Payroll Year End. After the ABAB raised their concerns over the speed of implementation the HMRC agreed to allow businesses with fewer than 50 employees to submit their PAYE information by the end of the tax month until October 2013.
John Walker of the Federation of Small Businesses (FSB), said HMRC had
“taken on board the FSB’s concerns about the time constraints and problems that small firms will face when having to report in real time. We hope that HMRC make this regular reporting a permanent measure to help the smallest firms when they review the system in the summer.”
If you do not have a payroll provider and you are worried what penalties HMRC may throw at you please contact us today.
We are ready to help you. We have all the relevant software that automatically links to HMRC and can do your payroll for FREE if you are a client of ours. Isn’t it easier and far more relaxing to simply hand over your payroll to the experts allowing you to be with your customers, friends and family?
For more information please contact us on 0115 946 1991 or Click Here To Email