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If you run your own payroll you need to be aware of the changes being introduced by HRMC

Run your own payroll?

Will you be ready for Real Time Information being introduced by HM Revenue and Customs (HMRC) that will be compulsory for all employers from October 2013 (although this may start from April 2013)?

Here’s a scenario we’ve taken from the HMRC website:

Question : “I run a manual payroll for eight employees. What do I have to do for RTI?”

Answer: Using RTI, you will tell HMRC about tax, National Insurance Contributions and other deductions when or before you pay your employees, instead of waiting until after the end of the tax year. You will need to send this information to HMRC online before or at the time the payment is made.

If you are a small employer (i.e. with nine or fewer employees) you can use either the free HMRC Basic PAYE Tools package or commercial payroll software which will allow you to submit the data to HMRC when you complete the payroll.

We recommend that employers with more than nine employees use more appropriate software available from commercial software providers.

At Cloud Bookkeeping we’re obviously going to makng sure that all our clients are fully aware of the changes. If you’d like to find out further details about RTI please take a look on the HM Revenue and Customs website:

http://www.hmrc.gov.uk/rti/employerfaqs.htm#1

We’d also recommend you discuss the changes with your accountant and/or you can give us a ring on 020 3137 2878.

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