Real Time Information (RTI) will start to be introduced from April 2013 and by October 2013 it will be mandatory for all employers to process PAYE data using the new system. Make sure your business stays up to date and is ready to comply with the upcoming changes in legislation.
What is RTI?
Real Time Information, or RTI, is a new system that's being introduced by HMRC to improve the operation of Pay as You Earn (PAYE). PAYE information will be collected more regularly and more efficiently when employers submit their regular payroll submissions.
RTI is one of the biggest changes to PAYE since it was introduced in 1944, and will ensure PAYE keeps pace with modern working patterns.
Under the HMRC RTI system, employers are required to send data about PAYE, NIC and student loans every time they pay their employees, rather than with their end-of-year tax return.
It's important to start preparing now for RTI. Although RTI will be a highly-automated process, with reporting to HMRC embedded into an employer or pension provider's payroll software, you need to think about what RTI means for your organisation, how you run your payroll and your business processes.
How will it affect your business?
Instead of sending information once a year at Payroll Year End, you'll need to submit information electronically to HMRC for PAYE, NIC and student loans etc. every time you pay your employees.
When RTI becomes mandatory, we'll ensure all our customers with a valid support contract get access to an updated version of their Sage Payroll software that will include the ability to submit Real Time Information electronically to the HMRC using the existing proven Sage Internet Submission technology.
Clients with Sage Payroll v2011 or under without SCV need to upgrade before April to be RTI ready. If you are unsure in anyway please give Uniq a call on 0118 927 2700
To download white paper click here.