Iris Software Group, a market leader in payroll and accountancy solutions, has launched a free software package, Iris RTI Payroll Basics to ensure that all small businesses are able to comply with RTI (real-time information) payroll regulations from the HMRC.
Start-up companies will be required to submit PAYE in real-time from November 2012.
1.4 million SMEs and most employers will be legally required to report payroll information in real-time from April 2013. Employers will need to submit information about PAYE to HMRC every time a payroll is run and employees are paid. This means transmitting an electronic RTI submission to HMRC on or before every pay date.
The challenge for many small businesses is that they are unprepared for the regulation changes. In a recent All-Party Parliamentary Taxation Group report, it was indicated that 23 per cent of micro business (one to nine employees) do not have a payroll solution in place and will be forced to buy RTI ready software or seek an alternative solution.
"We decided from day one that we would offer a free RTI software package for small SMEs," says Mark Paraskeva, CEO SME Division at IRIS Software Group. "Today, businesses face a range of challenges and RTI does not need to be one of them, which is why we are launching RTI Payroll Basics ahead of the mandated regulations. In addition to the software, we also offer a free RTI advice line and webinar."
Working closely with HMRC over the last two years, IRIS Software Group pro-actively developed the software in preparation for the regulation changes. Basics is now ready for download and installation, enabling businesses to prepare their software in plenty of time.
Paraskeva adds; "We are delighted that the IRIS RTI Payroll Basics solution has fully passed HMRC payroll tests for RTI and has been recognised as one of the leading implementations."
In 2012 IRIS Software Group participated in the RTI pilot programme with the HMRC, a project which required them to have RTI ready software, to attend HMRC events for employers and software developers and recruit and train employers for the pilot among its customers. By the time the pilot was complete around 300 employers using RTI Payroll l software successfully filed their submissions.