PAYE real time
information (RTI) is causing quite a debate among contractors and personal
service accountants.
How is RTI working for
you? Is it a huge cost or administrative burden? Have you been dogged by
unanswered questions and uncertainty by the forever changing guidance issued by
HMRC?
Just last week HMRC
issued further guidance extending the relaxation to the ‘on or before’
provision for employers to send their RTI returns to HMRC that has been in
place since April 2013 until 5 April 2014. This change will allow employers
with 49 or fewer employees to send in their RTI returns by the end of the tax
month in which they pay their employees.
The debate is lively,
and the ICAEW has a dedicated RTI webpage which both carries formal help sheets
and advice as well as a forum of members discussing the issues, and benefits
they are experiencing. Impossible deadlines, software that doesn’t do what it
should, RTI submissions not happening and HMRC’s helplines not being very
helpful or understanding the issues have all been mentioned on the downside.
Yet some report only positive experiences.
What has become clear is
the importance of seeking good and timely advice on payroll matters. As
contractors work in a competitive market place, to tight deadlines and often
long hours the added burden is proving to be a strain. Using a dedicated contractor’s
accountant has never been more important.
Join SAIL today, and remember if you’re an existing client you can
earn John Lewis vouchers for referring friends and colleagues to us.
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