Operating an in-house payroll team, and keeping up to date with frequently changing regulations, can be a costly burden for many businesses.
This will be especially true with the Real Time Information (RTI) system introduced from April 2013. Through RTI, employers are required to inform HMRC on-line about tax, NICs and other deductions when or before the payments are made, in other words providing information to HMRC in ‘Real Time’. This will be monthly or weekly depending upon when the payroll is processed. There is also a requirement to include details of normal working hours.
The extra employee resources that are taken up submitting information to HMRC, and the frequency with which this needs to be done, can prove extremely disruptive and time-consuming for businesses.
Significant time and money can be saved by outsourcing their payroll to a specialist provider, such as JW Hinks. Our in-house payroll bureau offers a comprehensive administration and processing service for payrolls.
We carry out all the necessary calculations – including PAYE, national insurance, statutory sick pay, maternity pay, working families’ tax credit and student loan deductions – and prepare payslips. Our service also includes the submission of year end returns to HM Revenue & Customs, ensuring that you stay compliant.
Consequently, businesses can have the peace of mind that our experience of RTI will enable us to fulfil all of HMRC’s requirements.
To find out more about RTI, please download our flyer. For more information on our payroll services, please contact Dan Morgan. Or find out more about the other compliant services we provide that may be of benefit to your business including our corporation tax planning and wealth protection advice.