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- Payroll... RTI Real Time Information guide

Published by Guy Baragwanath in Universal Credit & RTI · 5/12/2012 16:24:34
Tags: RTIguide

RTI - (Real Time Information)

From April 2013, it will be mandatory for employers to report PAYE information in real time to HMRC. RTI is the starting point for the Government to bring in the Universal Tax Credit.

To read our simple guide about RTI – what RTI is and what it means for you as an employer, click here or click the image of the guide.

RTI will require all employers to report all PAYE information to HMRC on or before the time employees are paid. For many employers, this could mean that they are reporting weekly to HMRC.

Some employers are taking part in a pilot scheme at present.
Almost all employers will have to report in real time from April 2013.

Reporting in real time will take away the task of completing employer annual returns P14 & P35. HMRC will not need to be informed when employees join or leave via RTI because forms P45 and P46 will not be required. HMRC will be informed of all this information through the real time reporting every time employees are paid.

Employees will not see any difference in how they are paid - the difference is how HMRC are told the PAYE information by the employer.

The key information to begin the RTI process is to ensure that the correct information is known regarding each employee:
Full name; address; date of birth; NI number and gender.
This payroll information will have to be aligned with HMRC to ensure HMRC hold the correct data when real time reporting starts.

For many small businesses, the requirement to file payroll information online each time you pay your employees may mean that new payroll software may need to be purchased - this can be quite expensive, especially for the smaller employer. A cheap and simple option can be to outsource your payroll.

We offer a full payroll bureau service for your business at very competitive rates. We ensure that you are fully compliant with all aspects of payroll, including the new changes coming into force - RTI and Automatic Enrolment. See our payroll service information here.

If you are an employer and would like us to carry out your payroll for you, or you would like help with RTI or automatic enrolment, please contact us for more information about our payroll services we offer.

C & GB Associates - Accountants
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