More time for small firms as RTI deadline extended again
12 Sep 2014
HMRC has announced that it will exempt employers with fewer than 50 staff from Real Time Information (RTI) late filing penalties until 6 March 2015. Until that date, they will be allowed to submit PAYE information monthly.
RTI requires employers to provide information about tax and National Insurance deductions every time they pay an employee rather than annually. The original deadline for implementation by small firms was in 6 October this year.
The relaxation for small firms is the latest in a series of deadline moves since RTI was rolled out in October 2013.
HMRC’s Ruth Owen said: "We know that those who have had most difficulty adjusting to real-time reporting have been small businesses, so this staged approach means they have a little more time to comply with the new arrangements before facing a penalty."
Employers with 50 staff or more will still be fined if they file PAYE returns late after the 6 October deadline.