4 Ways Prevent RTI Fines and Penalties

A penalty notice from HMRC is the last thing a business needs during a busy week. To prevent fines and penalties, there are certain rules that must be stuck to when dealing with RTI (Real Time Information) and payroll. Here are 4 tips on how to prevent RTI fines and penalties:
1. Accuracy
Accuracy is key when completing the payroll process, as mistakes have the potential to lead to penalties and fines. Take time to complete the calculations and always double-check the figures. A commercial payroll service or software will be helpful in ensuring accurate and automatic calculations, as well as sending off the necessary reports to HMRC.
2. Time
The most important rule when it comes to RTI is submitting the information at the right time. Full Payment Submissions should be sent in either the day of or day before employees are paid. If the submission is late then a penalty notice and fine is likely.
3. Figures
With RTI there is no way to edit the figures to help with your cash flow, the HMRC are aware of the exact figures and how much is owed which must be paid on time.
4. Outsource
Outsourcing payroll to an accountant, payroll firm or bookkeeper is a great option to avoid fines and penalties. Professional bookkeeping Kent and across the country is popular with many businesses both big and small as an expert will take over the payroll process and ensure all rules are followed to avoid penalties.

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