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June 1, 2018
HM Revenue & Customs (HMRC) has announced that the temporary relaxation of its Real Time Information (RTI) reporting rules will be extended until April 2014.
Under the new RTI regime, from 6 April this year employers have been required to report the payments and deductions they have made under PAYE on or before the time of payment, rather than at the end of the year.
However, following concerns over the impact of the changes on smaller businesses, HMRC granted a temporary relaxation of the rules to businesses with fewer than 50 employees, allowing them to report via the new system but on a monthly basis, until 5 October 2013.
HMRC has now extended this deadline to April 2014, in order that smaller businesses do not need to change their approach midway through the tax year.
More than 1.4 million employer PAYE schemes are currently reporting in real time, with around 83% of small and medium-sized businesses and 77% of micro businesses now using the new system.
Despite the extended deadline, small businesses are advised to take steps now to ensure they are fully prepared for the new regime. For further advice on RTI and meeting your payroll needs, please contact
June 1, 2018