You may have heard that HMRC have introduced a new scheme, but do you know how this affects you, the small business owner?
If you are a Limited company then you may have just calculated your earnings at the end of the tax year, if you are only taking the Director’s Tax and NI free allowance, this is no longer possible due to RTI (Real Time Information) as submissions must be made each pay period using FPS (Full Payment Submission)
If you have employees then the submissions must be made each pay period, this also includes starters and leavers, P45’s will still be issued to employees leaving but will no longer be able to be submitted other than through FPS.
Once you have been invited to join RTI then submissions must be made, so if you had one employee and they left your employment and you did not employ anyone else, but left the scheme open for future, you still have to submit to HMRC using EPS( Employer Payment Submission ).
An EAS ( Employer Alignment Submission ) also has to be submitted should you have 250 employees or more
That’s because it is, yes it takes the sting out of the Year End but it is more time consuming and that is where we come in. Not only will we make sure all your correct submissions are received by HMRC, we will also liaise with HMRC on your behalf to set you up on the right scheme once we are authorised to do so.
If you are worried about the new RTI scheme or just want to relieve the burden of submitting to HMRC each pay period then give us a call or get in touch and see how we can help you.