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If you’re scratching your head, it’s time to worry. And get an accountant. An occupational therapist might come in handy too..

RSI

RSI is the abbreviation for Repetitive Strain Injury. It’s something employers should be aware of and take steps to prevent for their employees, as they have responsibilities under the Health and Safety at Work etc Act 1974 and the Management of Health and Safety at Work Regulations 1999 to do so.

However, it’s just as important that employers understand RTI – or hire someone who does.

RTI

RTI stands for Real Time Information (RTI), a new reporting system designed by HMRC to improve the operation of the PAYE scheme. Failure to submit RTI returns can incur penalties of £100 or more – not to mention owing underpaid tax and NI contributions, plus any interest they’ve accrued. Ouch.

Using RTI

Under the RTI reporting system, employers must now send PAYE information to HMRC every time they pay their employees, rather than after the end of the tax year. This more regular reporting is designed to track people through their more frequent job moves, ensure tax and national insurance records are more accurate and up-to-date, and make the PAYE process easier for both employers and HMRC.

If you run payroll yourself:

You’ll need to report your employees’ payments and deductions to HMRC in an FPS (Full Payment Submission) on or before each payday and use payroll software to work out how much tax and National Insurance you owe.  To claim a reduction against what you own HMRC, you will need to send an Employer Payment Summary (EPS) too.

Sounds complicated? Then consider investing in a good payroll service.

Make It Easier On Yourself: Hand over Your Payroll

Your accountant should be able to provide a comprehensive payroll service, including:

If you can feel your stress draining away just at the thought of it, then don’t hang about! Check out our wonderful payroll service, here. It will be a weight off your mind!

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

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