Payroll a monthly or weekly task, sometimes simply ignored (!) and caught up with some weeks or months later by so many smaller businesses, can seem to be so mundane and boring, but the move to RTI along with Auto enrolment has been a real wake up call.
Auto enrolment pensions are here to stay, and all employers must register with the Pension Regulator, fines and penalties are being imposed. This is a legal obligation that devolves on all employers, from a one-person employer to multinationals, and imposes additional compliance and reporting requirements.
HMRC require an electronic online report every pay day, known as a Real Time Information or “RTI” report– so the penalty and interest charging opportunities for HMRC are extensive and all employers will be caught.
The Auto enrolment provider, Nest, or other pension provider, require payroll details to be also submitted electronically.
If you already run a payroll or are thinking of doing so and have concerns then please tell us.....
- We can either set up a system for you, from the very basic HMRC system to that of a commercial software supplier, our personal recommendation would be Moneysoft which we have used for some time and find to be easier to use and less expensive and cumbersome than their competitors.
