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A warning on Real Time Information (RTI)

Many small businesses are not aware that from April next year, RTI will come into force. This will require employers and pension providers to file PAYE reports electronically every month before payment is made to the employee. A survey by the Federation of Small Businesses has recently revealed that a quarter of small businesses are not aware of this new requirement. In fact, of the almost 1,700 small concerns polled, only 16 per cent registered as being fully aware of RTI and are preparing for it. With less than six months to go, HMRC has just begun a drive to make businesses aware of the change, believing that now is the best time to do so.

However, small businesses have been raising concerns about the new requirement, which will provide HMRC a monthly statement of payments to be made to employees instead of the current single annual declaration. Many believe that learning the new process and its implementation will present a challenge to their business, with 24 per cent stating that simply dealing with the resulting enquiries from HMRC will cause additional problems.

For contractors and SMEs working in the Wirral area as well as in Chester, this is a particularly good time to consider having a local contractor accountant handle all PAYE requirements, leaving business owners free to focus on the company. A cheap accountant for contractors will be fully aware of RTI and its reporting requirements, and can handle all these issues for its clients.

Posted by Mark
November 19, 2012
HMRC

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