HM Revenue & Customs (HMRC) is to extend the temporary relaxation of new Real Time Information (RTI) reporting rules for businesses with fewer than 50 employees.
HMRC originally announced the rule relaxation on 19 March for employers with fewer than 50 employees who pay employees weekly or more frequently, but only process their payroll monthly.
It said it recognised that they needed longer to adjust to real time reporting of PAYE information and would therefore be able to send the data to HMRC by the date of their regular payroll run, but no later than the end of the tax month.
The concession was originally due to run until 5 October 2013 but on 12 June, HMRC said it would be extending the option until April 2014.
Despite the concession to businesses getting to grips with RTI, employers could still face penalties for inaccuracies on RTI returns submitted in the 2013-14 tax year, although there will be no penalties for late payment until April 2014.
Even if your business is covered by this temporary extension, it is never too early to ensure it will be ready for RTI when the changes finally take effect next year. At Milsted Langdon, we can take care of everything for you. For further information, please contact us.
Link: HMRC RTI information