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At Glazers Chartered Accountants in London we are reminding small businesses of the need to prepare for changes in reporting PAYE, despite the Government extending the small business exemption. Introduced in April 2013, Real Time Information (RTI) has been described as one of the most fundamental changes to payroll reporting requirements in the past five decades. RTI requires all employers to start providing employee PAYE, National Insurance and Student Loan information to HMRC at point of payment every month and not just at year end as currently. The Government recently announced that small employers will have an additional six months to prepare for RTI. Businesses with 50 employees or less will not have to report salary and other payment made to their employees in "real time" until the end of the tax year. Until April 2014, these businesses will continue to be able to provide this information to HMRC on a monthly basis through the new scheme. At Glazers Chartered Accountants, London, we understand that many small businesses may not be aware about the changes in reporting PAYE and how it will affect their businesses, despite the Government extending the deadline. The introduction of RTI will mean employers will need to take more time to submit employee information to HMRC. If you’re an employer, each time you pay an employee you will need to submit deductions, such as Income Tax and National Insurance contributions (NICs) and starter and leaver dates if applicable. You will need to include the details of all employees you pay, including those who earn below the NICs Lower Earnings Limit (LEL), while an employer will no longer submit an end of year return (forms P35 and P14) and the starter and leaver process is simplified. As an employer, you will continue to give your employee a form P45 when they leave but you no longer send forms P45 or P46 to HMRC – instead you must submit all starter and leaver information as part of the Full Payment Submission (FPS). There will also be an automatic penalty regime for those employers who fail to comply. As a well established and experienced firm of accountants in London, Glazers can assist in preparing a small business to meet the demands of RTI. However for many small businesses it may be preferential to outsource their payroll functions to an experienced accountant in London, such as Glazers. Payroll bureaus have the flexibility to deal with changes in payroll regulations, offering cost-conscious, affordable results, with services customised to meet clients" specific needs. At Glazers Chartered Accountants, London, we have a dedicated team of specialists in our payroll department geared up to providing a timely, accurate and flexible service, tailored to suit your needs. Glazers Chartered Accounting in London can relieve you of the administrative burden of Real Time Information (RTI), allowing you to concentrate on your own business, while reducing overheads. Alternatively, Glazers Chartered Accountants in London can also provide RTI training if you prefer to do it yourself, and a helpline in case you run into any difficulty. To find out how we can help you prepare for RTI, contact Glazers Chartered Accountants, London, on: Telephone: 020 8458 7427 Email: [email protected] Web: www.glazers.co.uk By: businesssolution93 – We provide Accounting assignment help and Accounting homework help services to the students by the best online Accounting experts. 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