Real Time Information (RTI): A Year On
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 FW Accounting, we can assist with all your RTI queries.