Real Time Information: Getting your business ready for the changes to PAYE
HM Revenue & Customs (HMRC) is introducing a new way of reporting PAYE: Real Time Information, or RTI. The structure of PAYE will remain unchanged, but RTI will change the way in which employers and pension providers submit PAYE details to HMRC.
Under RTI, information about PAYE payments will be submitted each time a payment is made as part of the payroll process, rather than at the end of the year as they are now. Every time you pay your employees/pensioners the payroll software or service will send the necessary information to HMRC electronically.
Some Carval payroll software users are already live on RTI as part of HMRC’s pilot scheme. Most employers will be legally required to use RTI from April 2013, and all employers will be required to report RTI before October 2013. HMRC will tell you when your business will need to make this move, but you can start to get your business ready now by following some simple steps:
Download HMRC’s free guide: Getting your business ready for RTI