SME

How Real-Time PAYE has affected SMEs

How Real-Time PAYE has affected SMEs

About 6 years ago the Government changed the rules for companies reporting PAYE information.

Since 6 April 2013, companies have had to follow a mandatory process called Real Time Information (RTI), which sounds like an episode of 24 with Jack Bauer stuck on the line to HMRC.

Instead, this meant that SMEs had to update their payroll software so it would immediately inform HMRC of their employees pay and deductions each time they paid their wages.

Why did the Government do this?

Should you look locally for a business funder?

This article originally featured in the March edition of the Lancashire Business View

BY JIM FUREY, REGIONAL DIRECTOR, SKIPTON BUSINESS FINANCE

With a local working capital provider by your side you’ll have the chance to form a meaningful partnership with someone that will stick by your business.

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