RTI deadline passed – are you set up to avoid fines?
Depending on the size of your commercial business, you may already fall under the regulations regarding RTI legislation.
Companies with over 50 employees are already subject to penalties for failure to file “real time” payroll information and now from 6 March 2015 companies with less than 50 employees are also required to comply.
Employers will be issued a fine for failure to submit:
- Full Payment Submissions (FPS) for each employee by the deadline
- ALL FPS’s
- An Employer Payment Summary (EPS)
Penalties range from £100 to £200 based on the number of employees and employers could also be subject to a 5% surcharge if they are three months late with meeting filing deadlines.
There is another year, until April 2016, for very small businesses with fewer than 10 employees, before they are required to fully comply with RTI.
Whilst HMRC are, in general, moving away from issuing “late filing penalties”, this is an exception as payroll admin is considered high priority to be maintained on a regular and timely basis.
Figurit can help explain the details around RTI and ensure your business is equipped with the right systems for payroll reporting. Call our experienced commercial team today for guidance.
020 7376 9333