HMRC have produced a guide, Real Time Information and Annual Schemes, following a great deal of confusion as to how RTI would work for annual schemes. Amongst the various guidelines, the following determine a PAYE scheme as annual:
- The employer is only required to pay HMRC annually
- The employees are paid annually
- The employees are all paid at the same time or date
If you do not meet the above criteria then the annual scheme does not apply to you and your must report PAYE whenever employees in your company are paid. For further information please refer to the HMRC guidelines.
If you have any queries relating to PAYE, RTI or any other accounting matter please call Alexander & Co today on 0161 832 4841. Alternatively please complete our enquiry form and one of our accountants will be in touch promptly.