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Bookkeeping  •  Business Services  •  Business Tax  •  HMRC  •  Personal tax

Small businesses get temporary reprieve from RTI penalties

By Simon Paterson on 15 September, 2014

HMRC have confirmed they are postponing the introduction of RTI for owners of small businesses because they believe they are not ready to comply with the new system; they also say its introduction is causing undue disruption when the economy is recovering. It is the second time the date for introducing RTI has been moved and now small businesses with 49 or fewer employees have until March 2015 to become compliant.

Described as the biggest overhaul to the payroll system for 70 years, Real Time Information (RTI) requires employers to provide information about tax and national insurance deductions every time an employee is paid, rather than annually. It was due to be compulsory for all employers with effect from October this year.

Now, HMRC have announced that businesses employing 49 or fewer staff will not face RTI late filing penalties until March 2015 and can continue submitting PAYE information outside of RTI in the interim. Note this reprieve is only available to smaller businesses; any employers of 50 or more staff will still be fined if they file PAYE returns late under RTI after the 6 October deadline.

If you have concerns about complying with RTI or need support with payroll systems please contact Jamie Spears by emailing js@rjp.co.uk

 

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