Getting ready for PAYE RTI

on Tuesday, 19 March 2013. Posted in N21 Experts

What is it?

From 6 April 2013 most organisations that employee staff will have to start reporting PAYE information to HMRC in real time. You may see this referred to as Real Time Information - or RTI. It is the biggest change to HMRC legislation since 1944.

 

Under Real Time PAYE, every time you pay your employees, whether weekly or monthly, you must send the information to the HMRC via  the Internet. This will include information about who you have paid and what deductions have been made for tax and National Insurance. Real Time PAYE makes it easier for HMRC to ensure deductions for tax, National Insurance and student loans are correct, even if people have more than one employer or change jobs frequently.

 

This radical change in reporting means that employers (or their payroll service provider) must now use payroll software to send this information electronically to HMRC. This is stage one, from October 2013, Real Time Information will also be used the Department for Work and Pensions to calculate Universal Credit, the new single payment for people looking for work or on a low income.


We appreciate that this could prove an extra burden for many local companies. However, at Mostons we are fully up to speed with HMRC’s requirements and have the necessary compliant software.

 

If you need any assistance or advice we are here to help.

 

Paul Moston

View Paul Moston's page here

020 8886 1884

From 6 April 2013 most organisations that employee staff will have to start reporting PAYE information to HMRC in real time. You may see this referred to as Real Time Information - or RTI. It is the biggest change to HMRC legislation since 1944.

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