Finance leader Jeffery Giavotella on how you can become the CFO of your small business
The CFO at Ballard Brands shares tips to help you focus on your financials so you increase the chances of your business prospering.
Real-time information (RTI) was introduced in 2012 to make the PAYE system less complicated for employers and HMRC. HMRC now requires all businesses to make RTI payroll submissions.
Tax codes are updated throughout the year and reporting new joiners and leavers is easier with RTI. Employees benefit too as they’re much less likely to be surprised with under or overpayment notices.
Our payroll software makes your real time payroll submissions straightforward and accurate. We’ve developed market-leading, HMRC-approved solutions that are legally compliant and make RTI submissions to HMRC with a single click.
There are several different types of RTI submissions, but the most common are the full payment submission (FPS) and the employer payment summary (EPS). Using Sage software, you can be confident that you’re reporting the right data at the right time.
FPS is the submission you will most commonly make to HMRC. It lays out what you paid your employees in that period and what deductions you made. The details of new employees and leavers are included in this report too.
If you have a mix of employees paid on a weekly or monthly basis, you’ll need to make multiple FPS submissions each month.
Your regular FPS submissions will keep HMRC informed of your PAYE and NIC liability. The EPS is used when you need to recover statutory payments, and if no one has been paid during the period.
The EPS should also include data from outside your payroll that reduces your HMRC liability, such as Construction Industry Scheme (CIS) deductions.
Getting RTI right is vital to avoid penalties and fines from HMRC. Taking the time to collect accurate information, sending your RTI submissions on time and paying what you owe is essential.
Full first name and last name.
The format is DD/MM/YYYY.
Leave this empty if you don’t know.
Country is only needed for non-UK residents.
Find this under employee details in HMRC Basic Tools.
Try to check details against a passport, HMRC papers, etc.
Processing leavers and new joiners, accurate reporting of PAYE and NIC, and on-time RTI submissions are fast and intuitive with Sage payroll software. It’s secure, straightforward to set up, and our cloud solution allows you access with a Mac, PC or mobile anytime, wherever you are.
There’s no need for a payroll expert on your team as calculations are automated, but our award-winning UK support team are on hand 24/7 if you do have any questions. We’ve even made migration from HMRC’s basic PAYE tools effortless, too.
Effortless cloud-based payroll solution for start-ups and small businesses.
A cloud-connected solution with intuitive tools and insights at your fingertips. Get more from your payroll than simply paying your people. For businesses of any size.
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