When all employees, including directors, are paid the payroll information must be submitted to HMRC under the Real Time Information (RTI) reporting requirements imposed on employers on or before every single payday.Contact
The Penalties for incorrect reporting are severe. If you get it wrong or simply forgot to report to HMRC then you will face penalties. For example, the late filing penalties typically range from £100 to £400 (depending on the number of employees). That’s every month. So over a year penalties for late filing could amount to as much as £4,800. Additionally there is a penalty of 5% of tax and NIC that should have been reported if you are more than 3 months late.
Our CIPP trained in-house Payroll Team are here to help you every day with your payroll requirements by taking away the worry. Here is a sample of the tasks we might carry out for you.
- Collate your payroll data
Every pay period (weekly, bi-weekly, four weekly or monthly) our reminder system will request that data we need to process the payroll for you.
- Process the payroll
Our payroll system is always up to date and will carry out all of the calculations based upon the information you supply to us which means you can be sure you are paying the correct amounts to your employees and HMRC. We will also keep detailed records for PAYE inspection purposes.
- Record and calculate Student Loan and other statutory deductions
We will deal with all these additional calculations to ensure your payroll is correctly processed and your employees receive the correct net pay.
- Provision of detailed electronic payslips
If you prefer you can opt for password protection or hard copy payslips delivered directly to your employees.
- Calculate payments due to HM Revenue and Customs
These calculations will include PAYE, National Insurance, Student Loan, Employer allowance and Statutory Maternity Pay recovered. This will ensure you pay across the correct amount to HM Revenue and Customs every month and avoid any penalties and interest.
- NIC eligibility analysis
We will assess your eligibility to claim the Employer NIC Allowance at the earliest opportunity up to a maximum of £3,000 per year.
- Submit Real Time Information to HM Revenue and Customs
For each pay period we will carry out a Full Payment Submission and Employer Payment Summary.
- Complete and submit the final end of year RTI declaration
At the end of each tax year you must submit certain information to HM Revenue and Customer, but we will do this for you.
- Provide year-end P60s for each employee
As well as payslips, you must provide every employee with a P60 at the end of the tax year, and once again we will do this for you.
Most of our clients decide that these duties are best carried out by us and if you would like to know what we can do for you, please get in contact.