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HMRC to delay RTI penalties

21.02.14

Her Majesty's Revenue & Customs (HMRC) has delayed its penalties for failing to comply with the Real Time Information (RTI) system that was introduced in April 2013.

The delay is to allow employers more time to embrace the changes and adapt to HMRC's specific needs.

RTI was introduced to help Pay As You Earn (PAYE) to work more effectively and to allow the new benefits system to run seamlessly as up-to-date information will be available to HMRC.

However, the system has faced criticism due to its high administrative costs, as well as the fact it was introduced into the tax system fairly quickly.

The penalties will now be introduced in October 2014, rather than April 2014 as was first planned.

One of the main benefits of working with Consort is that you maintain your status as a sole trader. This means that your are paid gross rather than under deduction through the PAYE system. This means by using Consort, you don't have to worry about RTI.

Become part of the Consort team and pay your tax annually with the ability of offsetting any work-related costs against your gross earnings. Click here to register.

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