Does Real Time Information (RTI) sound familiar? If you are an employer or pension provider, it soon will and it’s something you need to get to grips with. And fast!
From April 2013, HM Revenue & Customs is introducing a new way of reporting PAYE for all employers and pension providers. You’ll need to tell HMRC about PAYE payments when they are made and this will be done using payroll software.
Info is submitted throughout the year as part of the payroll process, hence the ‘Real Time’ element. Gone will be the annual aspect to this form of data collection.
Payroll software – if you do not already use payroll software, discuss this with your software provider to ensure you are ready for your first data submissions. If you already use payroll software, it will need updating so get talking with your software provider now.
HMRC claims that the RTI system will make it easier for employers, HMRC and pension providers to administer PAYE. Only time will tell although HMRC claims that trial runs have gone well so far….
If you’d like to discuss your PAYE and RTI requirements, please contact Curo’s tax partner, Julia Whelan at [email protected] or call Julia on 01527 558539.
Curo Chartered Accountants