RTI or Real Time Information was introduced in April 2013. Under RTI, employers now need to send information to HMRC every time they pay their employees, rather than waiting until the end of the year.
There are two types of submissions that you’ll need to make: a Full Payment Submission (FPS) and an Employer Payment Summary (EPS).
HMRC will penalise you if you are not submitting your FPS on time, you didn’t send the expected number of FPSs or you failed to send an EPS when you didn’t pay any employees in a tax month.
What your business will pay in penalties will depend on the size of your business (in terms of employee numbers):
1 to 9 employees: £100
10 to 49 employees: £200
50 to 249 employees: £300
250 or more employees: £400
Simple & hassle free. Your payroll cost is defined in each package and small businesses are offered 1-3 employees as standard in your accounting package. Additional employees can be added at a small cost.
TVA Limited has software enabled for RTI submissions directly to HMRC.
We are flexible with changes and will accommodate your business needs. Give us a call so we can clarify how we can help you.
