13 February 2018
Payroll legislation is continually subject to change. Almost every year, new legal requirements are introduced by HMRC which can completely change the responsibilities of payroll administrators. No matter when an update in payroll legislation occurs, it is essential that companies understand the changes as failure to do so could result in serious consequences for a business.
We’ve put together a three-part blog series to look at the key areas of legislation business owners need to be compliant with in order to avoid facing legal action.
In part one, we look at Real Time Information (RTI) – what is it and why do businesses need to comply?
Under RTI, which was introduced in April 2012 and rolled out to all employers in October 2013, employers must now report each time an employee is paid and report any statutory payments that have been recovered, along with any employment allowance. Employers may also be required to report any money paid in compliance with the Apprenticeship Levy. Failure to comply can result in penalties from HMRC. Whilst some penalties are issued at a set limit, for more serious breaches the penalty issued will be based upon the behaviour that led to the error.
To take the stress away, and with minimal input from you, we can organise and run your entire payroll function, leaving you to get on with the business of making profit. We’ll ensure that you are fully compliant with all legal requirements.