HM Revenue & Customs (HMRC) have relaxed their own reporting rules for small employers (employers with fewer than 50 employees) until the end of tax month six (5 October 2013).
It means that if you are a small employer and you pay employees weekly or more frequently, but only process your payroll monthly, you have the option of sending your payroll information to HMRC monthly instead of on or before the employees pay day.
From 6 April 2013 you still need to submit each individual Full Payment Submission (FPS) due for each pay period within the month, but you can submit them altogether at the end of the tax month, note the monthly submissions have to be with HMRC no later than the end of the tax month.
However if you wish to submit your FPS on or before each pay day, and avoid the bottle neck at the end of the month, you still can.
If you have any queries, or if Real Time Information is something you have just heard of, please give our Employer Services team a call on 01228 711888 and they will be happy to help you.
Posted: March 27th, 2013