Real time information payroll reporting is a legal requirement, meaning that all employers or their payroll agents need to provide essential payroll data direct to HMRC on or before pay dates for every pay run. HCA Accountants use the latest, online payroll software to ensure all clients are compliant with real time reporting needs.
RTI legislation means employers may be required to make two returns submissions to HMRC for every payroll. These are the full payment submissions which need to be sent to HMRC on or before each pay run and should contain full information about all employees' pay and deductions made. The employer payment summary is also required from some businesses. This needs to be submitted to HMRC by the 19th of each month and details a number of situations, such as information about employees that received no salary during the month and the statutory sickness or maternity payments made. There is also a requirement for a final return at the end of each tax year to confirm to HMRC that all essential reporting has been sent.
Importance of Real Time Information Reporting for Employees
Real time information reporting is critical to employees in receipt of certain government benefits, and HCA offer all client employees an advisory service about welfare benefits and PAYE, if required. Even when employees are paid below the threshold for minimum earnings there is still a requirement for employers to register for PAYE. HCA Accountants ensure all payroll clients are compliant with UK payroll legislation at all times.