Free Seminar on HMRC's New Rules
By Eventy - Marketing & PR | Thursday, January 31, 2013, 14:07
New legislation from HMRC means that companies will have to file data online about PAYE, NIC and student loans every time they pay their employees, rather than at the end of the tax year.
To advise local companies about the new Real Time Information (RTI) rules and to help them avoid penalties, Robinson Reed Layton are holding a free seminar at 9.45am on 19 February at Penventon Park Hotel, Redruth.
HMRC have discovered that in previous end of year submissions over 500 employees were called A.N. Other and over 40 employees were aged over 200 years. Other problems occur when the employee's name is shortened so that the Revenue has James Smith on their records but the employer submits details under the name Jim Smith. Often employees' middle names are omitted and there were 2,000 employees with a National Insurance number of AB123456.
The new RTI rules require all payrolls to be submitted on line and when employers log on to run the payroll the Revenue's computer will check each individual employee's data and will advise the correct tax code to be applied automatically. It aims to reduce the number of errors made in employees' tax codes and the number of Tax Credit errors and frauds.
Penalties will automatically be levied on the employer for any incorrect data. The new RTI system will become mandatory in the tax year beginning this April. Employers may be given as little as four weeks' notice to start using the new system.
There will be stringent new rules about payments such as "subs".
Robinson Reed Layton, and sister company DCN & Co Ltd, have already enrolled their clients early in order to get their clients' payroll data cleansed so that they may avoid the potential penalties arising from any incorrect data submitted.
All local businesses are welcome to the free seminar to learn about the new rules. To book your place please call Emma Bungay at Robinson Reed Layton on 01872 276116.