Payroll management is a crucial part of the day-to-day running of any business but it can be very time consuming, with the added pressure of accruing additional penalties should you not comply.
Our Payroll service includes:
- Administration of incentive schemes, bonuses, and ex-gratia and termination payments
- Administration of PAYE, national insurance, statutory sick pay, statutory maternity pay, etc
- Completion of statutory forms, including year end returns (i.e. P60s and P11ds), to issue to your employees and submit to HM Revenue & Customs
- Customised payslips
- Dealing with the new Real Time Information (RTI) requirements
- Registration with HM Revenue & Customs as an employer
- Summaries and analyses of staff costs.
If you would like to have a chat about your requirements, please contact one of our partners on +44 (0)20 8861 7575.
If you prefer, please complete the form on the right and we’ll call you straight back (within 24 hours) and answer any questions you may have.
What is Real Time Information?
On 6th April 2013, Real Time Information (RTI) was a new system introduced by HM Revenue & Customs (HMRC) for the reporting of payroll information
It requires employers and pension providers to submit detailed information to HMRC every time employees are paid rather than through the year end return. Under RTI, the employer is required to submit online details of earnings and the tax and NIC deducted, whenever a payment is made to an employee.
Previously those under the earnings threshold were not reported on the payroll. With the introduction of RTI every employee regardless of how much they earn (even if it’s as low as £5) MUST be included in a Full Payment Submission (FPS) on, or before, they are paid.
Payroll software will simply collect the Real Time Information and send it to HMRC online, replacing the requirement to complete the existing P35 Employers Annual Return of PAYE tax and national insurance contributions.
What you need to report
RTI will make the monitoring of PAYE easier for HMRC as the information will be up to date and accurate. This will allow HMRC to identify and pursue businesses that have unpaid PAYE during the year, and issue penalties for late payment. There is a structure of penalties and service charges for non-filing of RTI submissions.
Depending on the frequency of your payroll (whether it is weekly, monthly etc.) you will need to submit either a FPS to tell HMRC each time you are due to pay an employee, or an Employer Payment Summary (EPS) if you don’t have any employees to pay during that period.
These reports will include:
- The amount you pay employees.
- Deductions such as income tax and national insurance contributions.
- Starters and leavers if applicable.
- Details of all employees paid including those who earn below the NIC lower earnings limit (LEL).
- How RTI supports Universal Credits