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RTI respite

20.06.13

HMRC has offered smaller companies more time before they have to use Real Time Information (RTI) to submit payroll information.

RTI requires an agency to submit information to HMRC every time a contractor is paid, instead of just annually. The move has received widespread criticism due to its high administrative costs and its considerably quick introduction into the tax system.

Now, businesses of 50 employees or less will have until April 2014 to incorporate RTI into their payment systems. If you decide to run your own limited company, you too will have to submit RTI for every invoice. If you have an accountant to run your books, then costs are likely to increase for their services.

One of the main benefits of using Consort's services is the ability to be paid gross as a sole trader, rather than using the less beneficial 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. 

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