Don’t forget that, even though you might be reporting payroll in real time (RTI) now, you still have to file a Year End Return with HMRC for the year 2012-13 by 19th May, unless you were on the RTI pilot scheme. If you have not had to maintain any P11’s during the year and therefore don’t need to make a return, you must inform HMRC of this by the same date, otherwise you may receive a late filing penalty if they are expecting a return.
You want to make sure that your staff are paid correctly and on time, every time and that you keep on the right side of HMRC but, at first sight, outsourcing your payroll might seem like an expensive option. So why is it worthwhile giving consideration to having a Payroll Bureau or Management Service look after your payroll?
Well, there are a number of good reasons. Here is a short list -I’m sure that anyone who has made this move could add more of their own:
- Your time is freed up to concentrate on what you do best – developing your business.
- You are freed from the worry of having to constantly keep abreast of ever-changing payroll legislation.
- Reliability – no need to worry about payroll staff calling in sick or your computer breaking down. A good Payroll Management Service will always have a backup system available.
- Perhaps surprisingly, cost – if you add up the cost of maintaining up-to-date software and your own or staff time, it is generally more cost-effective to outsource the work.
You need to ask yourself if the advantages outweigh the disadvantages and shop around for some quotes.
RTI (Real Time Information) became a requirement for virtually every employer in the UK from 6th April. It would be interesting to hear from anyone who was on the pilot scheme and from new adopters as to how everything is going.
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My intention is to use this blog to keep readers updated on all aspects of current HMRC legislation relating to payroll management. If you have any questions or would like a quote for my services please go to my Home Page