PAYE RTI and annual schemes
HMRC are advising that they have now fixed the issue with Annual PAYE schemes.
HMRC received a number of requests since April from employers, asking that the status of their PAYE scheme be changed to annual. Due to technical issues they were unable to process the requests at the time. HMRC have now resolved the issue and have accepted all the requests that have been made and changed those schemes to annual. They will not however, be notifying employers that the change has been made.
If you are interested in changing your scheme to annual please do get in touch. However please be aware that under an annual scheme the payroll must meet all of the following requirements:
- all the employees are paid annually (generally only applicable to directors only PAYE schemes)
- everyone is paid within the same, single tax month and
- the employer is only required to pay HMRC annually.
Internet link: HMRC news