This is just a short note to remind all you wonderful business people out there that employ staff (including yourselves and family) that the RTI process is well and truly underway and there is no going back.

There are late filing and late payment penalties.

The late filing penalties will apply to every PAYE scheme. The size of the penalty will be based on the number of employees in the scheme. Monthly penalties of £100 will apply to the smallest micro businesses, with £400 applying to larger businesses.

The little bit of good news is that there will only be one late filing penalty each month, regardless of how many returns were due in that month. This means that if you pay monthly, there is likely be one incident. If you pay weekly, there could be four incidents, for which there will only be one penalty. I say only, but it could easily amount to £1200 over a year if you are not organised.

This is relatively easy to get right, and wrong.

If you need help to point you in the right direction, call Gordons Knight on 020 8241 3000.