Small Employers Given More Time to Prepare for RTI

Employers who employ less than 50 staff are to be given more time to report Real Time Information (RTI) to HMRC.

Those who pay their employees on a weekly basis will be allowed to report their payments by the fifth of every month, until October 5, when HMRC may decide to force them to report every time a payment is made.

RTI is designed to modernise the Pay As You Earn System and will require employers to report payments to HMRC as they happen, rather than at the end of the tax year, which is currently the case.

HMRC has recognised that smaller employers may need longer to adapt to the new system.

Patrick Stevens, president of the Chartered Institute of Taxation said: “The relaxation demonstrates that the Government has listened to the concerns of employers, their agents and the organisations that represent them.”

He continued: “By October 2013 we should have a clearer idea of what concessions small business will require for RTI to work effectively for the good of all. And then we can have a sensible dialogue with ministers and officials about how to build what we have learned into the design of RTI and universal credit in future.”

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that’s enabled him to help so many clients over the years.

His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m, sealing his status as one of the most highly respected tax consultants working in Scotland today.

Ricky leads all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.