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RTI offers annual option for contractors
Article Author: Harsh Shah Posted on: September 10, 2014 (Full Author Bio in the box on the right side)
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HM Revenue & Customs (HMRC) has announced its latest change to the Real Time Information (RTI) regime for payroll information, contractor accountancy firm HB&O has highlighted.
The change, announced on 25 July, is most likely to be relevant to freelance or contractor workers who wish to avoid the monthly RTI reporting requirements introduced in April 2013.
HMRC said it had received a number of requests since April from employers, asking that it change the status of their PAYE schemes to annual.
It said it had now been able to put a “fix” in place, enabling it to accept those requests.
To qualify as an annual scheme, a scheme must meet the following requirements:
- all the employees are paid annually
- all the employees are paid within the same, single tax month
- the employer is only required to pay HMRC annually.
Once a business is registered as an annual scheme, an employer payment summary (EPS) is not required for the 11 months in the tax year where employees receive no payment.
Schemes not registered as annual schemes, including those intending to apply for registration as an annual scheme or in the process of doing so, need to submit a nil EPS/period of inactivity EPS for each month.
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