It has been mandated by the Government of the state that from April 2013 employers need to use payroll software in order to provide accurate Pay As You Earn / PAYE info to the board of HM Revenue and Customs. This according to the revenue bureau is going to be a real time practice which will prevent unwanted chaos over payroll evaluation and assessment.
HM Employers can export reports online now by using free PAYE tools. The basic software is meant for those employers who have a minimum of nine of lesser employees working for them. For corporate and other bigger private companies, HM revenue and customs has designed area-specific commercial payroll software products. There is a variety of softwares to choose from. Some of the free HMRC tested products are:
• Payroll Express
• RTI Lite
• Free Payroll Star
• Accentra Payroll Lite
• IRIS Payroll Basics
Bigger companies can use from the following list of HMRC RTI softwares as:
• RTI E – FLING specialist
• Internet Payroll / CIS Professional
• ACCU- MAN Payroll
• Open People
• Liberty Accounts
However before choosing a payroll provider / software, an employer needs to decide on the types of submission that will suit the company’s setup.
Employer Payment Summary (EPS), NINO (National Insurance number) Verification Request (NVR), Employer Alignment Submission (EAS) & Full Payment Submission (FPS).
Deviation in rule for small business setups
Small businesses that are yet to establish a foot hold in the market has been given concession time to ready themselves for real time information / rti services reporting until October of the continuing calendar year. This means that employers who make weekly payments to the company associates need not send reports every time a payment is cleared. Rather they can file the report at the end of the month but no later. This special grant is applicable to companies that have less than 50 workers.
Importance of Payroll functionality
There is some special software that can help employers manage payroll and have the file sent to HM revenues and Customs department electronically. However before one makes use of such a kind of product, it is best to check upon the fact – if the basic payroll values have been verified or not. This means that the software can confirm the provided data and tally it with national insurance contributions, statutory payments and taxation issues.
For result oriented performance, it is advisable that employers use HMRC tested payroll softwares, as these products come with guarantee on functionality and specific usage. Incase the employers, those who have purchased commercial payroll softwares will face any kind of problem, then they should refer the matter to the software suppliers. HMRC, it is there in the disclaimer, would not be held responsible for any loss, damage, expense and cost involved in cases of using commercial products / RTI softwares.
If you want to know more about Paye software and security then you can browse through several potential and informative websites. Take time to understand how exactly a PAYE software can help you organize your company expenses.
About the Author: Sarah Jones a financial consultant and specialist in hmrc rti and hmrc rti services, associated with Accesspay for a long time. For further enquiry Contact us at info (at) accesspay(dot)com or speak to us at +44 (0) 203 282 7152 or visit us at Accesspay.Com for more information on hmrc rti services.