‘Do not fear new RTI PAYE System’ reassures Shropshire accountants
A local firm of accountants is reassuring businesses not to fear imminent changes to reporting PAYE despite HMRC’s warning over potential penalties for incorrect submission.
Shrewsbury-based DJH Accountants has been trialling the system with a number of its clients for the past few months, and is advising business owners that the new procedures relating to the reporting of PAYE will not prove as inconvenient as many employers expect.
The new Real Time Information (RTI) system, which officially comes into force in April, will see the current way business owners pay their staff radically overhauled. Under the new system, employers and pension providers will be required to submit data about PAYE, National Insurance Contributions, and student loans to the Inland Revenue every time a payment is made rather than as part of an end-of-year P35 submission.
Fiona Green, Director at DJH Accountants, said: “Having to submit data to HMRC each and every pay period could potentially be a huge burden for businesses, which is why we decided to put the system to the test prior to its official introduction in the spring.
“Our dedicated payroll team has worked with clients during the piloting of the system to ensure their employees are paid accurately, on time, and that all information is issued directly to HMRC. Throughout the process, we have found the system to be relatively straightforward, as long as all personal information relating to employees is correct, with the only additional information clients needing to provide being the amount of hours their staff work per week, which can simply be amended on our database. We would advise business owners who deal with their own PAYE reporting to make themselves familiar with the impending changes to ensure they are not faced with any penalties for late submissions.”
