New Payroll Legislation: RTI
From April 2013 HM Revenue & Customs (HMRC) is introducing a new way of reporting PAYE- Real Time Information (RTI).
The aim of changes: Imporve accuracy of PAYE.
What does this mean for you? 'Real Time Information' means that employers and pension providers must tell HMRC about PAYE payments at the time they are made as part of their payroll process. Payroll software needs to be able to collect the necessary information and send it to HMRC Online.
In summary, you will submit information about PAYE payments throughout the year as part of your payroll process, rather than at the year end.
Top tips to make sure your business is prepared:
1. Familiarise yourself with RTI
2. Ensure your Payroll software has RTI capabilities
3. Make sure your employee data is up to date
Find out more about RTI at the HMRC website.