RTI (Real Time Information) is a method of reporting payroll information to HMRC that became compulsory for most employers in April 2013. As you may be aware, larger businesses using the PAYE scheme can now be charged RTI fines. Smaller businesses still have another 6 months before the fines come into effect, and at Clear Books we want to help make sure this does not impact your business when using Open Payroll.
The fines can be quite large if there are multiple late RTI submissions. For example, businesses with more than 50 employees will be fined up to £300 for every late submission! The best way to ensure that you will not get fined is to make sure that the RTI FPS submission is made on or before the employee payment date.
Even if you make mistakes on the payroll and you have made an RTI submission, this will save you from hefty HMRC fines. All you will need to do is make a correcting RTI submission. Remember to file an EPS if there are no employee payments made in a particular month.
There are some guides outlined below which can help greatly with getting your RTI submissions submitted, whilst also making sure that your business can benefit from the most of the Open Payroll features.
Please use the link below to get further information on RTI and penalties from HMRC from the GOV.UK website.