Real Time Information (RTI)
With effect from 6 April 2013, HM Revenue & Customs (HMRC) introduced Real Time Information, or RTI, for nearly all UK businesses. By October 2013, all businesses will be using RTI submissions.
As the name suggests, this means that employers will have to report their PAYE data every time an employee is paid (i.e. in real time) rather than once a year at Payroll Year End.
The aim is to make PAYE more efficient and enable problems to be highlighted and addressed more quickly.
Employers must ensure that the employee information held on payroll systems is correct and matches the information held by HMRC. The updated Simply-docs New Starter Form (EMP.MS.04.01) should be completed for all employees and includes the information needed for RTI submissions.
Further information on RTI can be obtained from your payroll provider, accountant or the HMRC website.
As the name suggests, this means that employers will have to report their PAYE data every time an employee is paid (i.e. in real time) rather than once a year at Payroll Year End.
The aim is to make PAYE more efficient and enable problems to be highlighted and addressed more quickly.
Employers must ensure that the employee information held on payroll systems is correct and matches the information held by HMRC. The updated Simply-docs New Starter Form (EMP.MS.04.01) should be completed for all employees and includes the information needed for RTI submissions.
Further information on RTI can be obtained from your payroll provider, accountant or the HMRC website.
The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.