Real Time Information - get ready
In April 2013 HMRC are introducing a new way of reporting PAYE information, known as Real Time Information (RTI).
'Real Time Information' means that employers, or their agents, will tell HMRC about employees' pay and deductions on or before the time they are paid to the employees as part of their payroll process. Payroll software will be used to collect the necessary information and send it to HMRC electronically.
It had previously been announced that most employers will be legally required to report payroll information in 'real time' from April 2013, with all employers doing so before October 2013. HMRC will advise employers when they need to start reporting under RTI.
HMRC are currently trialling the RTI using a pilot scheme for a small number of employers. According to the latest press release:
The pilot is….. 'on track and going well. It is early days and we are cautiously optimistic.'
'HMRC also remain on track for all micro, small and medium-sized employers and most large employers and payroll bureaux to begin sending payroll information to HMRC in real time in April 2013, and for all employers to be routinely reporting PAYE in real time from October 2013.'
'HMRC will be contacting some of the largest employers and payroll bureau shortly to discuss opportunities for them to start reporting PAYE in real time early to avoid end-of-year reporting for 2012/13.'
It appears that many employers will need to be ready for RTI from April 2013. If you would like any further information regarding RTI or would like help with your payroll please do get in touch.
Internet link: HMRC RTI news
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