The potential impact of the introduction of RTI (Real Time Information) by HMRC is hugely demanding on the ‘small business’ in addition to all the other commercial issues of general business. So yesterday an announcement has been made that the introduction of RTI for ‘small businesses’ has been deferred whilst they carry out various consultations during the summer.
However it hasn’t gone away and those businesses will have until 5 October 2013 to have everything in place and then they must operate wages/payroll under this regime.
In the meantime those employers can choose to file their wage information with HMRC but if they do then it must be filed before wages are paid, certainly no later than the end of the tax month, 5th of each month.
So just when the facts were becoming clearer HMRC have muddied the waters.
Are you confused as to whether or not RTI is immediately required for you?
Where you ready in the first place and do you know what information is required to be filed? Do you know the extent of the information being placed in the hands of HMRC?
If you have answered ‘no’ to anyone of these questions or have concerns over the operation of RTI then please contact Andrew Keates on 0151 277 5353 or you can visit our website www.andrewkeates.com