RTI has been with us for nearly a complete year – can you believe it! HMRC have allowed us all some time to get used to the new system before they introduce automatic late filing and late payment penalties, but these were due to be introduced from 6 April 2014. The good news is that they are giving us a bit more time before wielding the sledgehammer – late filing penalties will not be levied until 6 October 2014, so we have another six months grace, and late payment penalties will not apply until 6 April 2015. Interest will however still be chargeable on late payments.
A further concession is that existing employers with 9 or fewer employees can continue to report monthly under RTI even if they pay their staff more frequently. This will continue until April 2016.
If the thought of all these possible penalties is worrying you and you would like us to do your payroll for you we will be happy to provide a quotation – it may not be as expensive as you think!