Last year, contractors were affected by the biggest change to payroll procedures in decades; Real Time Information (RTI). The new legislation meant that contractors would have to start filing payroll information online every month, and failing to do so would, like most things when it comes to paying the government, incur penalties.
Employers had to start sending information on the payments they made or were going to make through RTI payroll regardless of the amount of pay, P45s and P46s stopped being submitted to HMRC and simply retained by employers, P14s, P35 summaries and employers declarations stopped being submitted and employers had to start sending information about their employee’s salary and associated deductions before or at the same time the payment was made using Full Payment Submission (FPS).
If you are not up to date with RTI, speak with us today. At QAccounting, we can assist with all your RTI queries.
More Posts
How Much Should I Pay Myself This Tax Year?
The article helps the owners and managers of limited companies to understand what salary they should pay themselves in the new 2025-2026 tax year.
How will the UK Governments Recent Changes to Employers NI Impact my Business?
The article helps self-employed sole traders, limited companies, and partnerships to understand how the UK Government’s recent changes to Employer’s National Insurance will impact their business from April 2025.
Basis Period Reform
The article helps self-employed sole traders and partnerships to understand how basis period reform will impact their business in the 2023/24 transitional tax year, and what steps need to be taken to ensure they do not lose any brought forward tax reliefs and remain compliant!