Real Time Information (RTI) is something that, as an employer you’re more than likely to be aware of. How aware you are of what’s going to change however will depend upon the research you’ve done or the interest you’ve taken in the whole subject. Perhaps you’ve left it all to your accountant? Perhaps you’re planning to get up to steam after the festive season? Either way, it’s a good idea to make sure you have a bit of grounding in what’s going to change, so there are no nasty surprises in store for you.
Conceived and introduced by HM Revenue & Customs (HMRC), RTI is the most significant change to PAYE reporting in the UK for 70 years. The bottom line is that starting from April 2013, employers will be required to start to report on PAYE in real time. By October 2013 all employers will be expected to routinely report their PAYE information in real time. From a practical point of view, this change means that each time you make payments through your payroll, the information needs to be submitted to HMRC, rather than at the end of each year as things stand at the moment. While there are pros and cons of this new way of working, there’s no getting away from the fact that there’s work to do to make sure you’re ready for RTI so you don’t find yourself caught on the back foot.
What needs to be done
You’ll find a lot of detail about RTI on this site, but in the meantime, here’s an overview of what you should have on your RTI agenda:
- You need to be making sure, if you rely on any sort of software for your PAYE that it’s either already geared up for the changes or that the software provider has all the tricks you’ll need up their sleeve. By this stage in the RTI calendar, you should really expect to be hearing from your software provider with detail of what their plans are and whether or not there’s any major requirement on your part.
- You should be working right now to make sure that your payroll information is in good order. In particular, it’s important to make sure that your employee details are completely up to date and that the information in your system is formatted in the right way for RTI.
- You need to be reading our guide to RTI which will give you a good grounding on what lies ahead and what you need to be doing to be ready and when.
Now that you have made a start in understanding RTI and how it will affect your payroll have a look at the further information by following these links:
The application and practices for RTI are still being made known and becoming clear and various topics will be dealt with by blog posts and linked to below:
Like most things in business, when change is forced upon you, it can seem daunting, but there’s no doubt that with the right planning, the right support and the right approach, RTI shouldn’t pose you any major problems.
If you’re looking at the whole RTI changeover filled with dread and feeling alone, today’s the day to get in touch. By working together, we can make sure that you have all your RTI ducks in a row, and that you’re ready and prepared for what lies ahead.
If you would like to know more about preparing for RTI then contact Robin Mead at Payplus on 0800 018 0590 or by email to email@example.com