Payroll changed in 2013...
It became a big headache. In April 2013 HM Revenue and Customs introduced the new Real Time Information (RTI) reporting requirements for employers.
So what is RTI? In a nutshell, it’s a new way of reporting for employers that replaced the year-end P35 and P14 forms. Instead of reporting changes and figures at the end of the tax year, you are required to report on or before every single payday. And you must make sure your payroll systems and software are approved by HM Revenue and Customs and fully RTI-compliant.
And the penalties for incorrect reporting are severe. For example, the late filing penalties typically range from £100 to £400. That’s every month. So over a year penalties for late filing could amount to as much as £4,800. But don’t worry… we can take away this hassle and ensure you avoid penalties.
Understandably most business owners don't want to deal with the hassle of payroll, and automatic enrolment makes it even worse. That's where we can help.
- Leaving us to deal with your payroll frees up your time to focus on doing what you do best, running your business.
- You can sleep at night knowing you are complying with the RTI legislation.
- You will know your payroll is submitted on time. And that means you don’t need to worry about the severe penalties of up to £400 per month.
- Maximum 48-hour turn around, within an agreed payroll timetable and subject to provision of full payroll information.
- Letting us handle your payroll will result in improved record retention for PAYE inspection purposes.
- Reduced costs since you won't need to purchase any internal payroll software or upgrades.
Payroll Fees (per pay run)
Set Up: FREE, onto our HMRC accredited software.
Our standard charges are:
First employee: £24.50 (per pay run)
Additional employees: £4.50 (each, per pay run)
NIL Returns for RTI: £10.00 (per pay period)
So, if you have one employee on your payroll, the cost is £24.50 per month.
If you have 4 employees, the cost is £38.00 per month.
If you have 20 employees, the cost is £110.00 per month.
If you don’t pay any employees during a pay period, the cost will be £10.00 per month.
There are no hidden costs, this includes all electronic communications with HMRC, payroll calculation including any changes advised by you. Emailed payroll reports detailing PAYE, NI due, etc. Emailed payslips for each employee. Filing of RTI reports to HMRC, and all year end reports and submissions.
Want to learn more?
If you'd like to find out more how we can help your business with your payroll
contact one of the team on 01250 770100.