Business Issues -> Compliance
Released: 30th November 2012
Business software solutions provider, m-hance, announces that its Intellect payroll software is now fully compliant with Real Time Information (RTI) regulations relating to PAYE reporting from HM Revenue & Customs (HMRC). The new mandatory RTI procedures mark the biggest overhaul since PAYE was introduced into the UK in 1944 and will affect 1.4 million SMEs.
From April 2013, employers will be legally required to report PAYE in real time. Using RTI businesses must provide detailed information to HMRC for each employee about any deductions such as tax or National Insurance contributions on or before each payment date, instead of delaying until the end of the tax year. The switch is intended to simplify the PAYE process and make it less time-consuming for both HMRC and employers. RTI will also reduce the number of tax year reconciliations with resultant underpayments and repayments, whilst enabling HMRC to maintain accurate and up-to-date records of employment income and tax deductions.
Andrew Hayward, Managing Director of m-hance, comments, “RTI is the most radical overhaul to Payroll since PAYE was introduced over 65 years ago and is less than six months away. It is vital for businesses to prepare for this major change now and check that their payroll system is fully compliant. Not all software providers are automatically updating their systems to cope with RTI which could leave companies vulnerable to being charged unnecessary penalties.”
m-hance’s payroll software has been updated so that businesses can submit information about PAYE payments throughout the year as part of their payroll process rather than at the end of the year. The company has also run successful RTI pilot schemes with early adopter customers which include AD Group, Norking Alluminium, A. Andrews and Sons, Randall Orchard and Edburton Contractors.
Hayward comments, “SMEs can be reassured that m-hance has been actively working with HMRC to ensure that our payroll software is fully compliant with RTI regulations. This has been reflected by the success of our RTI pilot schemes which have enabled our customers to make significant time savings during the submission process and reduce their administration costs.”
m-hance will be running a series of specific seminars throughout January and February 2013 to familiarise all users with RTI. Businesses wishing to attend should contact Cath Robinson on 0161 406 2347 or email email@example.com for further details.
Notes to Editors
About m-hance www.m-hance.com
m-hance is a UK-based company providing innovative and functionally rich business software solutions to 2400 mid-market sized organisations including Innocent Drinks, RFU, Viridor, Millennium Hotels, Make-A-Wish, Hewden and Endsleigh Insurance. m-hance’s core solutions offering consists of financial management, CRM, enterprise social networking, SharePoint, HR & Payroll, managed services and software development in a variety of vertical markets including distribution, manufacturing, not-for-profit, professional services and infrastructure.
m-hance has been formed following the acquisitions of Calyx Software, Gyrosoft, Trinity Computer Services and elements of MentecPlus, Touchstone Group and Maxima Holdings plc. m-hance is currently supported by 230 staff from offices in Manchester, London, Loughborough, Dublin, Glasgow and the United States. m-hance also has offshore development capabilities in India.
In September 2012, m-hance was ranked in the Tech Track 100 league table as one of the fastest-growing private technology companies in Britain after achieving record sales growth of over 45%.
T: 07713 196971
Published by: electronicdawn Ltd.