HM Revenue and Customs (HMRC) continues to enforce the requirement for Real-Time Information (RTI) reporting. Employers are reminded to submit payroll data accurately and on time via the RTI system. RTI reporting facilitates accurate tax calculations and helps HMRC monitor compliance. Timely submission of payroll information is crucial to avoid penalties or potential issues with employees’ tax codes.
Employers are also reminded of their ongoing obligations regarding pension auto-enrolment. As of the current financial year, the minimum contribution rates are set at 5% of qualifying earnings for employees, with a minimum employer contribution of 3%. It is crucial for employers to ensure compliance with these requirements, maintain accurate records, and make the necessary pension contributions on behalf of eligible employees.
The above two pieces of legislation play a massive part in the day-to-day running of your employees payroll and failure to comply can result in punitive penalties by both HMRC & The Pension Regulator. Don’t get caught out! Marsland Nash Payroll can ensure you are fully compliant.
