Real Time Information (RTI) is a new system that's being introduced by HMRC to improve the operation of Pay as You Earn (PAYE). Employers and pension providers will now tell HMRC about PAYE payments at the time they are made, instead of sending this information once a year at Payroll Year End. Payroll software will collect the necessary information and send it to HMRC Online.
With this new legislation fast approaching it's really important to start preparing your business and reviewing the processes used to collect and record employee information. Most companies are expected to be submitting payroll information in real time by April 2013, with larger employers being RTI compliant by September 2013.
By preparing early you can minimise disruption to your business as much as possible – this preparation will involve making sure your BACS software is RTI compliant, your payroll software is up to date and very importantly your employee information is correct.
If you require any assistance on what your business needs to do to prepare then please do get in touch – with proper preparation you can ensure that your business is well placed to process successful RTI submissions well within the legislated timelines.
We will be running events with Pegasus to help you learn about how the HMRC are changing the payroll process. We will be demonstrating how RTI will impact your business and help you to understand the next steps in order to become RTI ready. We will also be demonstrating key features available in the new release of Opera 3 - take a look at our events information to find out more.