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Need for small firms to prepare for RTI

More than 100 business owners attended a Spalding workshop on how to cope with a radical change in payroll procedures that’s being introduced from April.

Chartered accountant Moore Thompson invited employers to hear from its team of payroll experts how they should prepare for Real Time Information (RTI).

RTI is billed as the biggest shakeup in the PAYE system since 1944 and will require all employers to provide current details on all staff every month, not just at the year end as tney do at the moment.

But recent surveys suggest that only one in three small businesses are awared wite of the changes, even though they need to start preparing now to ensure they have up-to-date software, hold current and accurate data on employees and that their software provider is ready.

Mark Hildred, managing partner of Moore Thompson, which has offices in Spalding, Wisbech and Market Deeping, said: “The workshop was a fantastic success and we were delighted with the attendance.

“It provided a real opportunity for business owners to hear from our experts exactly how they can prepare for RTI to ensure that they avoid future penalties for reports provided late or in the wrong format.

“Many of them were unprepared for RTI or unaware about how the changes might affect their business.”

 

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