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We're RTI Ready...

What is RTI?

All employers are now required to report all PAYE information to HM Revenue and Customs in real time, otherwise known as RTI.

How are we prepared?

Nationwide Payroll Company is fully compliant with the RTI regulations. This means that every time we pay an employee, we report the relevant PAYE information directly to HMRC, at that time. This forms part of our standard payroll procedure, and we require no additional input from our clients.

Delays to the RTI penalty train

Penalties for late filing, late payment and in-year interest were due to start from 6th April 2014, these automatic penalties are now set to apply from 6th October 2014 and will be issued quarterly so the first penalty notices for the quarter 6th October to 5th January will be issued in the New Year.

The current system of risk based late payment penalties continues for 2014/15. This means that penalties will continue to be levied once the tax year has been completed for 2014/15. The change to automatic in-year quarterly late payment penalties will now not apply until 2015/16 and onwards.

It is important to avoid these penalties by ensuring that PAYE matters are completed on a timely basis and we are happy to assist in this area.

You can find a full breakdown of the RTI regulations at the HMRC website.

 

 

 

 

 

 

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