More RTI qoes
The issue of RTI with directors taking 12 x 624 seems to be well trodden ground on Any Answers at the moment. However my firm takes a different approach. I tend to tell my clients to pay themselves one payment of £7,488 p.a. rather than taking a monthly salary. Just means that I have to run the payroll once a year rather than 12 times a year (seems a no-brainer).
My payroll software currently does not allow annual pay periods. To fudge it we have up to now run the payroll in month 12 in order to get the correct deductions (i.e. nil). RTI will thwart this fudging, so if I run the annual payment of £7,488 in September, I will need to report it under RTI but the software will not calculate the correct deductions.
The question is what payroll products are out there that permit annual pay periods?
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