29.07.2014

RTI Returns and Late Filing Penalties

RTI Returns and Late Filing Penalties

HMRC have been pretty lenient during the phasing-in of Real Time Information (RTI) reporting. The requirement to report payments to employees in real time (i.e. on or before the actual pay day) became full operational for all employers from April 2013. However, to allow employers to get used to the new systems, Inland Revenue have, so far, not imposed any penalties for late filing - that is all about to change! The following statement is taken from the HMRC website:

"New late filing penalties will apply to returns due from employers for the tax year 2014-15 onwards. Having listened to customer feedback, HMRC is deferring the start of these penalties to give HMRC and employers more time to adapt to reporting in real time. They will now start from 6 October 2014. To avoid late filing penalties, you must make sure all submissions due are fully up to date by 5 October 2014."

So, time is running short to get your house in order. Have you got systems in place to ensure that everything is up-to-date by 5th October and that all future returns can be made in a timely fashion? If not, now would be a good time to consult a Payroll Professional for advice - you may well find that it actually saves you mioney by avoiding penalties.

Married for 41 years to the wonderful Sheila. 5 Children (4 girls and 1 boy) and 7 fabulous grandchildren. I am a Christian and am currently churchwarden at St Peter's Church, Rock Ferry. I love the…

Comments

Financial Services

Borrowing to Grow – Choosing The Right Funding For Your...

Is your business growth currently hampered by a lack of funding? If you are thinking of…
Business Management

Are you ensuring your staff do not let you down?

The internet is full of information regarding both GDPR and Cyber Security. Sophisticated…
Financial Services

5 Cash Flow Management Tips for SME Business Owners

Maintaining a steady cash flow is key to the survival of any business, especially a small…

More Articles

Property

X1 SECURES APPROVAL FOR NEW LEEDS NEIGHBOURHOOD

The next stage in the South Bank regeneration scheme has been given the green light, with…
Financial Services

How a Financial Controller can keep your business on...

It’s not always easy to manage your finances and keep them on track.   For small…
Financial Services

How To Expand A Business, Deal With Mergers &...

Expansion should be avoided if a business is in trouble or financially unstable as this…

Would you like to promote an article ?

Post articles and opinions on Manchester Professionals to attract new clients and referrals. Feature in newsletters.
Join for free today and upload your articles for new contacts to read and enquire further.

Find the right professionals in Manchester

View The Full Index

Search By:

Submit your Enquiry here

Enquiry Details

Contact Details