A company, newly formed in April 2013, has carried on business for the last year; the directors (the only employees) have taken drawings each month; the company has not yet registered as an employer with HMRC; the company has not therefore processed any salaries yet for the directors for 2013/14 and made no RTI entries.
The company now wishes to register as an employer from April 2013 and process salaries for each month of 2013/14 via RTI, obviously now much in arrears. The salaries are fairly low and may give rise to a small NIC liability but no PAYE liability. The salaries will be credited to the directors' loan accounts to help offset the drawings.
Is this going to be a problem with HMRC's RTI? The entries are all going to be late but there are no penalties in the first year so........? The plan is to get these entries processed prior to what used to be the P35 submission date. Will this be OK or not?