Real Time Information (RTI) has been with us for just over a month now. It hasn’t been the total melt down some predicted – helped by the fact that penalties aren’t currently being charged for getting it wrong.
Here’s the top 5 pitfalls that we’ve identified so far:
Paying staff before submissions are made to HMRC
Paying advances to staff – this is a payment of wages requiring a submission to HMRC
Paying staff estimated weekly wages but only running a monthly payroll – weekly submissions to HMRC are required
Casual workers- these have to include these on submissions to HMRC unless all employees earn less than £109 per week
Employees known by their middle names – full birth names must be used so HMRC can match submissions to the records they hold.
If you’re struggling with running your payroll then don’t hesitate to get in touch for a quote.
Jonathan trained as a chartered accountant with Price Waterhouse (now PWC) in Liverpool before becoming a small business services manager for Grant Thornton in Warrington. He also spent three years as the financial controller for Brookside and Hollyoaks (not that he ever mentions it!).
Jonathan is recognised as a specialist in the entertainment industry and is often called upon to provide training courses and seminars for media professionals. He's also a bit of a technology geek and has been recognised with the accountancy industry as one of the most progressive accountants in the UK. Outside of work Jonathan is very proud to be the Treasurer of the Tim Parry Johnathan Ball Foundation for Peace and to be on the Council of the Liverpool Institute of Performing Arts (LIPA)