Real Time Information (RTI)

You may have heard about HM Revenue and Customs new PAYE scheme which begins, for the majority of people, in April 2013.  The move to reporting information in real time is the biggest change to the operation of PAYE in 60 years.

What is RTI?

It is a system by which every time you pay an employee you send the information to HM Revenue and Customs electronically.  To compare it to the current system, it is the completion and filing of the employers annual return (P35) but on a pay period frequency and not yearly.

It will play an important role in supporting the introduction of Universal Credit by the Department of Work and Pensions. HMRC will pass to the DWP some of the information from RTI. They will then use it to adjust the universal credit payment according to the claimants earnings.

What do I need to do to prepare?

Fiona Wills Accountancy Services has arranged to upgrade their payroll software so for our existing clients all you need to do is check the employee information which is sent to you prior to April 2013 and arrange for any missing information to be provided before that date.

Otherwise:

• You need to confirm that your payroll software is capable of sending PAYE information in real time. If you don’t currently use software you should plan ahead now so your business will be able to submit PAYE information when required to do so. It must be sent electronically.
• If you pay your employees directly into their bank accounts via the BACS system, using your unique Service User Number, you will need to add a cross reference or hash into the payment instruction. This is so that HMRC can match the payments employees received with the payroll data you report in real time.
• Ensure employee information is accurate. You must ensure you have the following information for each employee:
  -    Full name
  -    Date of birth
  -    National Insurance Number
  -    Gender and
  -    Address

What happens if I have a new employee or one leaves?

Every person you pay for doing work for you, even on an ad hoc or casual basis should be paid through the payroll system.

When you have a new starter you need to collect the information listed above and ensure this information is available for the first time you need to pay your employee. You will not have to report the new starter separately as you do at the moment because the information will be inputted through the payroll report. However, if an employee arrives without a P45 then you can still use the P46 to ensure you collect all the relevant information.

When an employee leaves you will still provide parts 1A, 2 and 3 of the P45 form but you won’t send part 1 to HMRC.

HMRC commenced a pilot exercise in April 2012 and they have been working closely with the volunteers and making changes to the system as and when needed. Therefore the detail of the new scheme could change before next April. I will update this article as and when new information becomes available so keep in touch on facebook or twitter for updates.

If you require any assistance regarding payroll then please contact me via the website: www.accounting-fionawills.co.uk/Payroll_Services.asp

Mobile Accountant - I come to you!

Are you tired of having to shut your business to visit your accountant? Fiona Wills Accountancy Services is a mobile accountant.

By me coming to you to pick up paperwork or for meetings means you don’t have to leave your business. 

I feel this is a major reason why people are looking to myself to be their accountant. I aim to help you continue in business.

It also gives me the opportunity to learn your business and advise you. So don’t forget Fiona Wills Accountancy Services, the mobile accountant.

Whatever you do, I come to you!

Call us now on 07525 653036 or visit our website: www.accounting-fionawills.co.uk

Providing exceptional customer experiences could be the only thing separating your small business from the competition.
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An unfortunate consequence of worldwide technology and the Internet placing abundant choice at every human being’s fingertips is that most products just look alike. If not yet because yours is new, they soon will when the competition rips off your look and feel. What’s left to distinguish your small business? More than likely it is customer experience, and there is great news. The only people who talk about your exceptional service that count are your customers. What you say on your website is irrelevant without them. With social media all the rage, it’s easier than ever to get viral and put your business past the tipping point if and only if your service is truly legendary.

We try very hard.... ! well Isy does, to find articles which will inform our clients and those looking at our various sites with information and links of interest here is one we hope will help:

Morning everyone, so your present accountant has given you his invoice and WOOH the fees have increased .... ! and so has your tax liability. What to do next change your accountant perhaps, call us and lets see if we can reduce your fees to start with for the coming year and lets have a good look at whether we can reduce your liabilty for the coming year. Unlike many accountants we are tax experts and won't wait for you to ask we will find ways if possible to reduce your liability ans make suggestions to you we are pro-active in assisting you. Call us today and lets get together for a constructive meeting. Join our many satisfied clients across the North West.

Fiona Wills updated her status.: "Strawberries with double cream and a bottle of Cava rose (living beyond our means). Bliss. Thanks Karen Chandisingh"

‎31st July deadline for tax credits, bring your accounts in, don't loose out! For more info give me Fiona on 01995601190