Real Time Information
WHAT HMRC’S REAL TIME INFORMATION REQUIREMENTS MEAN FOR YOUR PAYROLL
Real Time Information, or RTI for short, is HMRC’s new scheme for Payrolls, which was introduced for UK Companies in April 2013.
It is intended to improve and streamline the flow of payroll, National Insurance and taxation information between employers and HMRC, by requiring information to be submitted BEFORE staff are paid, regardless of whether they are paid weekly, fortnightly, 4-weekly or monthly.
However, it could mean a lot more work for you.
Changes to HMRC PAYE Reporting
From the 6th of April 2013, employers are now required to move to a new way of reporting. This will require a report to be submitted to HMRC each time you pay your employees, rather than annually. This report can only be submitted online using HMRC PAYE software.
What does RTI mean for my business’s payroll?
RTI represents a major shift for payroll operations, and has been described as “the biggest change since the introduction of PAYE in 1944.” Whatever your type of business, you must be ready by April 2014, when all exemptions run out.
Our Payroll Team Can Help
All employers will have received correspondence from HMRC regarding their payroll systems and just like running your own payroll, this can be a lengthy and time consuming process and complicated process and could mean a lot of extra work for you. However, if you’re one of our clients, you can sit back and relax, because at The TAX Shop we are fully RTI compliant and we will do it all for you, so you can get on with running your business.
If you’re not one of our clients, and are concerned about the complexities of RTI, then out-sourcing your payroll to The-Tax-Shop could be a good option as we guarantee you will have peace of mind knowing that your payroll is being run correctly and complies with HMRC’s Real Time Information – RTI – requirements.
Pay slips and P60s can now be emailed
We can provide pay slips by post or securely by e mail so you can receive the same quickly, efficiently and securely.
Receiving pay slips and P60s via email also means that you will no longer need to ask us for copies if they are lost or delayed in the post, as you will already have them in PDF format to email on to your employees as required.
Contact us for more information.