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Tuesday, 18 June 2013

HMRC give more time for employers to comply with RTI

Again the HMRC have given employers with less than 50 employees more time to get used to the new Real Time Information (RTI) reporting for PAYE.  If your firm does not pay its staff monthly but weekly, or every 4 weeks then you do not have to report in real time until April 2014.  This extends the previous deadline which was set for October 2013. Currently such companies are just reporting at the end of the month.

The system has come in for some criticism but with over 1.4m employees having their PAYE details reported  and paid online it has been generally regarded as a success.  The figure means more than 83pc of small to medium-sized companies and more than a million micro employers are now reporting PAYE in real time.

Given the Government's past record on big computer projects this is no mean feat.  However, when it is linked up with the universal credit that will be a bigger challenge.

For distressed businesses the implications of Real Time reporting has meant that they can no longer use debts to HMRC as working capital hoping to be in a position to pay back the PAYE at the year end.

If you cannot pay VAT or PAYE then get in touch.




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Many thanks for your comments. If you have a private business problem and you want advice give us a call on 0800 9700 539 or email me at keiths@companyrescue.co.uk. If you are a professional advisor with a troubled client, please suggest they visit www.companyrescue.co.uk or contact me as above.

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