Are you ready for the HMRC to come at you with sticks and clubs?
Maybe a slight exaggeration but sticks and clubs emphasises the pressure employers are feeling having to continually provide the steady stream of accurate payroll information expected by HMRC.
In the past there was a substantial time lag between PAYE paperwork being completed and revenue paid, this is not the case today.
Due to rapidly advancing technology things have speeded up and HMRC has become heavily automated.
HMRC expects you the employer to supply Real Time Information (RTI) related to your employees’ Payroll and Pension each and every month and no excuses tolerated.
Are you up to speed with RTI PAYE?
When the dreaded brown envelope arrives on your desk or worse still there’s a knock at your office door from an HMRC representative it’s not the time to start turning your office upside down for staff PAYE info and looking in every desk drawer for any stray fuel receipts or expenses sheets.
Preparation in advance is key. If you’re ready to supply RTI payroll data today you will be ready for that knock at the door tomorrow.
Failing to comply with RTI payroll rules will result in a full blown HMRC investigation. Inevitably revealing cracks in your processes, resulting in hefty fines and penalties that will damage your business and leave you exposed to relentless scrutiny from HMRC.
Maybe its that time of year and I’m watching too many reruns of films but when I think about an HMRC Investigation a few intimidating words uttered by Glen Close’s character in Fatal Attraction spring to mind– ‘I’m not gonna be ignored’ and ‘Guess you thought you’d get away with it but you can’t.’
These words drive home the full blown intensity of an investigation. A situation no employer wants to find themselves in.
So what can you do to stay on top of your Payroll?
The simple answer is work with an expert with specialist knowledge and compliant Payroll software.
Here’s how Murrison and Wilson Chartered Accountants are helping clients
- We invested heavily in the latest PAYE RTI compliant payroll software
- We deal with the payroll and Auto Enrolment in a single transaction.That way our clients aren’t juggling data and deadlines
- Streamline processes, avoid mixing up data and never missing deadlines.
Manage HMRC communications
- Actively provide HMRC with employees’ payroll and pension information in RTI ready format
- Fully understand the jargon and intricacies of the associated compliance regulations
- Advising and clarifying the complexities of employer’s tax law and employee benefits
- Advising on employment tax planning to maximise opportunities and ensure no mistakes or misunderstandings take place
- Making recommendations to improve clients’ internal financial processes
Expert advice & recommendations
- Audit employee data to ensure completely accurate, spot errors and omissions
- Guarantee information sent in real time and guarantee no late PAYE submissions.
If you or your bookkeeper is struggling to manage the complexities of payroll and auto enrolment and looking for an expert that fully understands RTI PAYE and Auto enrolment call Bruce Wilson on 0141 290 0262 or email firstname.lastname@example.org
Discover more about Auto Enrolment and how it affects businesses by reading our series of blogs starting with: What every business owner ought to know about Auto Enrolment rules
I would like to wish you a very Merry Christmas from Murrison & Wilson.
Follow me on Twitter @brucewilsontax for tax tips and updates.