Tag Archives: RTI

6 Key Tips to Reduce your Business Growing Pains

On 15th May PM+M hosted a joint seminar with the East Lancs Chamber of Commerce and Taylors Solicitors entitled ‘Growing Pains’.  The seminar was held at the Chamber premises at Red Rose Court in Accrington.

With 6 speakers in total there was a lot to get through in the allotted time and it was a great turnout with over 35 attendees.

The team - Growing Pains

The presenting team L-R Emma Swan, Darren Grantham, Helen Binns, Colin Emmett, Julie Mason, Antony Keen, Jackie Fisher

Darren Grantham from the Chamber started the proceedings with a quick summary of the work that the Chamber do and played a brief video.

I then took to the floor to talk through the journey of Spencer and Mark who own a growing business.  The story highlighted the dangers of insufficient planning and it gave some indicators of the best way to move forward and succeed with a growing business.  The importance of producing management information was emphasised and Helen Binns demonstrated some practical examples of financial ratios.

Spencer and Mark’s journey was then picked up by my colleague, Colin Emmett, PM+M’s director of IT who gave a detailed critique on choosing the best IT system and whether or not the Cloud is the way forward vs the traditional desktop approach to IT.

After a quick coffee break Julie Mason, PM+M’s payroll bureau manager gave an update as to all matters payroll.  Julie discussed the new RTI system and how firms who have been using the system for some time have been affected.  It sounds like HMRC have been experiencing some teething problems as well!

Following on from Julie, Antony Keen from PM+M Wealth Management highlighted recent developments in auto enrolment including some horror stories of the fines already being levied for non compliance.

AK - Growing Pains

PM+M’s Antony Keen covers auto enrolment

Last but certainly not least was Emma Swan, employment partner at Taylors Solicitors who gave a very engaging insight into the many pitfalls of HR.  Concentrating on contracts of employment and the dangers of not having the correct procedures in place, Emma expanded onto the consequences of this, outlining the potential costs involved with an employment tribunal.

6 Key things to take away from the seminar were:

  • It’s never too early to plan
  • Speak to the experts
  • Find an IT system that suits your requirements
  • Make sure everything is in place for RTI
  • Planning for auto enrolment should commence 12 months before your staging date
  • Contracts, contracts, contracts!

Hope you find these tips helpful and if you want any further advice drop me an email Jackie.fisher@pmm.co.uk or call me on 01254 604359.

Jackie Fisher – Run My Business Partner

Real Time Information and its Effect on SME’s – Video Blog

Real Time Information is a new initiative introduced by HMRC in April 2013 to help streamline the process of payroll for all businesses. In this blog our Payroll manager Julie Mason explains what it means for SME’s and what you should be doing now to prepare.

Key points from the video are:

  • If you have less than 50 employees, DON’T PANIC. The RTI compliance deadline has recently been extended to 6th April 2014 for smaller employers.
  • Even though the deadline has been extended, look at putting proceedures into place now. Keep on top of your employee data and PAYE liability payments and prepare for the changes well in advance.
  • Look at outsourcing your payroll function if you feel it is going to be too difficult to keep on top of.

How are you finding the transistion to RTI? Have you encountered any issues, and what would be your top tips for overcoming them? Leave a comment below, we’d love to hear from you!