The financial environment around many companies continues to remain uncertain. It has placed increasing pressure on the Government to develop a system of tax deduction and distribution that is not only secure, but also seamless. The widespread integration of electronic transaction provides the ideal platform for governments to calculate payroll taxes like National Insurance Contributions and income taxes, and deduct them from an employee’s paycheck on a monthly basis. Electronic payments are required to be routed through a centralized server and high-end payroll software needs to be used to determine the value of income taxes and social benefits.
What is RTI?
Real Time Information (RTI) is a brand new payroll process developed by HM Revenue & Customs that allows companies to submit payroll statements electronically, such that income tax can be deducted at the source. Companies are now mandated to use payroll software that is in full compliance with regulations stated by the HMRC. The introduction of RTI holds great significance for all companies using PAYE schemes, regardless of the industries in which they operate
If you have not integrated a sophisticated RTI Payroll software capable of securely calculating PAYE, your company may be taking on unnecessary risk. Despite the introduction of RTI by the HMRC, companies still shoulder the responsibility of filing important PAYE related information. Failure to comply with the RTI regulations set out by the HMRC will inevitably lead to payments of heavy fines and penalties, that could have been easily avoided.
Accountancy N Tax Services Offers an Elite Payroll Software free for 3 months
Accountancy N Tax Services offers companies a fully integrated Real Time Information Payroll software capable of reporting employee payments in a safe and secure manner. Our payroll software will not efficiently calculate tax deductions, but will also ensure that no real-time fraud takes place. When you avail of our ELITE RTI Payroll service package, you will receive round-the-clock support from our team of experts, along with highly advanced payroll reporting.
What Do You Need To Do?
Even though the HMRC has recently introduced RTI into payroll, a company’s responsibility remains the same. You will be required to use a Full Payment Submission (FPS) to effectively process your PAYE with our software. Also, in the event that you do not have to pay your workers for a period of time, you will be required to notify the HMRC via an Employer Payment Summary (EPS) to avoid penalties. These submissions will be made convenient and easy for you with our fully compliant payroll software. Contact us today for more information relating to RTI or our payroll services.
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