HMRC issue quarterly penalty notices
HM Revenue & Customs (HMRC) has this month began issuing the quarterly penalty notices to businesses that have incorrectly submitted their Real Time Information (RTI) reports.
As was announced back in October, incorrect RTI submissions are now met with fines of up to £400 per month for the larger businesses. Those with between 10 and 49 staff could receive fines of up to £200 per month and those employers with 1 to 9 employees could see fines of up to £100 per month.
And the submission itself doesn't have to be just incorrect for you to be fined, either. If the Full Payment Submission (FPS) is late, HMRC haven't receive the expected number of FPSs or; in the case of no payment being made within a tax month; not receiving an Employer Payment Summary, can all result in a penalty notice being issued.
The penalties themselves will include an identification number if the company thinks that the penalty is unfair or without proper grounds.
Choosing easy to use payroll software to help avoid these fines and stay compliant is extremely important. Can your business afford the penalties that have been quoted? At IRIS, there is a vast range of payroll software that works to help you stay compliant with the ever changing legislation.
You can stay on top of your RTI submissions by making sure that you have an effective plan for auto enrolment, the government's pension initiative. Streamlining your auto enrolment frees up vital resources to spend on other mandatory payroll processes; such as RTI.
Check out IRIS auto enrolment insight page for more information on what it is all about and how you can effectively plan for your staging date. Download our free guide; 7 ways to streamline your auto enrolment process for a handy checklist of things that you can do to improve your auto enrolment process and stay compliant with the legislation.
The IRIS AE Suite™ helps to assess your workforce, auto enrol your employees into an appropriate pension scheme and communicate these changes to your employees all from within your IRIS payroll software.